Amends TCA Title 26 and Title 67.
Tennessee SB2411 amends the assessment of residential property for tax purposes by establishing that the value will be the greater of the most recent purchase price or the value determined by a financial institution during mortgage refinancing or collateralization. The bill affects homeowners by providing a safeguard against the sale of their principal residence, which has been owned for 10 years or more, to satisfy tax debts. Key provisions include the new valuation method for tax assessments and the protection against forced sale for long-term homeowners.
Tennessee SB2411 amends the assessment of residential property for tax purposes by establishing that the value will be the greater of the most recent purchase price or the value determined by a financial institution during mortgage refinancing or collateralization. The bill affects homeowners by providing a safeguard against the sale of their principal residence, which has been owned for 10 years or more, to satisfy tax debts. Key provisions include the new valuation method for tax assessments and the protection against forced sale for long-term homeowners.
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