Amends TCA Title 67, Chapter 5, Part 7.
Tennessee HB0941 amends existing property tax reimbursement provisions for low-income taxpayers aged 65 and older. The bill changes the basis for reimbursement from the full market value of the property to the assessed value, with a cap on reimbursement for properties exceeding $400,000. It also establishes a tiered reimbursement percentage based on the taxpayer's age, increasing from 10% at age 65 to 100% for those 74 and older, and includes provisions for adjusting the upper limit on assessed value annually for inflation.
Tennessee HB0941 amends existing property tax reimbursement provisions for low-income taxpayers aged 65 and older. The bill changes the basis for reimbursement from the full market value of the property to the assessed value, with a cap on reimbursement for properties exceeding $400,000. It also establishes a tiered reimbursement percentage based on the taxpayer's age, increasing from 10% at age 65 to 100% for those 74 and older, and includes provisions for adjusting the upper limit on assessed value annually for inflation.
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