Amends TCA Title 67, Chapter 5, Part 7.
Tennessee HB0436 amends the existing law regarding property tax relief for disabled veterans by clarifying that, starting July 1, 2025, the assessor of property will determine the full market value of the property. The bill changes the calculation for tax relief by requiring the assessed value on the first $175,000 of full market value to be multiplied by the ad valorem tax rate, rather than an adjusted tax rate based on the relationship between appraised value and market value. This legislation specifically affects disabled veterans who own and use property as their residence.
Tennessee HB0436 amends the existing law regarding property tax relief for disabled veterans by clarifying that, starting July 1, 2025, the assessor of property will determine the full market value of the property. The bill changes the calculation for tax relief by requiring the assessed value on the first $175,000 of full market value to be multiplied by the ad valorem tax rate, rather than an adjusted tax rate based on the relationship between appraised value and market value. This legislation specifically affects disabled veterans who own and use property as their residence.
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