Amends TCA Title 11, Chapter 14, Part 2; Title 11, Chapter 15 and Title 67, Chapter 5.
Tennessee HB0297 amends existing laws regarding the classification of agricultural, forest, and open space land to allow for the preservation of tax benefits when such land is jointly owned. The bill affects landowners who hold property as joint tenants or tenants by the entirety, ensuring that upon the death or divorce of one owner, the surviving owner retains the land's classification without needing to reapply, provided the land continues to meet size and criteria requirements. Key changes include clarifying the conditions under which ownership is deemed unchanged and the classification remains intact.
Tennessee HB0297 amends existing laws regarding the classification of agricultural, forest, and open space land to allow for the preservation of tax benefits when such land is jointly owned. The bill affects landowners who hold property as joint tenants or tenants by the entirety, ensuring that upon the death or divorce of one owner, the surviving owner retains the land's classification without needing to reapply, provided the land continues to meet size and criteria requirements. Key changes include clarifying the conditions under which ownership is deemed unchanged and the classification remains intact.
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