Amends TCA Title 67, Chapter 5, Part 7.

This bill changes several provisions or present law concerning income and property value for purposes of determining eligibility for property tax relief.<br /> <br /> Under present law, taxpayers 65 years of age or older with an income of $24,000 or less (this amount has been subject to annual adjustment to reflect cost of living adjustment for social security recipients since 2007). The income limit applies to all owners of the property for which tax relief is sought. This bill increases the income limit to $36,600.<br /> <br /> Under present law, property tax for taxpayers 65 years of age or older who meet the income limit is paid on the first $27,000 (this amount has been subject to annual increases to reflect inflation based on the consumer price index, not to exceed 3 percent per year, since 2018) of the full market value of the property. This bill increases the amount of property value on which property tax relief is paid to $35,000.<br /> <br /> This bill makes the same changes for property tax relief for permanently and totally disabled homeowners as described above for elderly, low-income taxpayers.<br /> <br /> Present law authorizes property tax relief for the first $175,000 of the full market value of a disabled veterans' residence. This bill increases such amount to $200,000.<br />