Amends TCA Title 67, Chapter 5, Part 7.
Tennessee SB1173 amends the reimbursement process for local property taxes paid by low-income taxpayers aged 65 and older, shifting the basis for reimbursement from the full market value to the assessed value of the property. The bill establishes a cap on the assessed value at $400,000 and introduces a tiered reimbursement system based on the taxpayer's age, with those aged 74 and older eligible for 100% reimbursement. Additionally, it modifies how inflation adjustments are applied to the upper limit of assessed value starting in tax year 2027.
Tennessee SB1173 amends the reimbursement process for local property taxes paid by low-income taxpayers aged 65 and older, shifting the basis for reimbursement from the full market value to the assessed value of the property. The bill establishes a cap on the assessed value at $400,000 and introduces a tiered reimbursement system based on the taxpayer's age, with those aged 74 and older eligible for 100% reimbursement. Additionally, it modifies how inflation adjustments are applied to the upper limit of assessed value starting in tax year 2027.
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Akbari, Raumesh
114th General Assembly
February 6, 2025
February 12, 2025
Passed on Second Consideration, refer to Senate State and Local Government Committee