Tennessee House Bill HB0366

Tennessee 2023-2024 Regular Session

• Introduced: 1/20/23
• Refer: 2/1/23
• Refer: 3/15/23
• Refer: 3/21/23
• Refer: 4/5/23
• Refer: 4/11/23
• Chaptered: 5/3/23
• Passed: 5/3/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 5, Part 7, relative to property tax relief.

Impact

The legislation intends to standardize the implementation of the property tax freeze across various jurisdictions within Tennessee. By permitting local governments to adopt a tax freeze program, HB0366 empowers municipalities and counties to tailor the program according to their own income limits. However, municipalities must adhere to county-defined income thresholds when implementing these relief programs. This approach aims to create consistency while allowing localities some degree of autonomy to address their specific demographic needs.

Summary

House Bill 0366 seeks to amend the Tennessee Code Annotated to provide clearer guidelines for property tax relief, specifically targeting programs that benefit elderly residents. The bill introduces a property tax freeze program, allowing counties and municipalities to establish their own tax relief initiatives. This is expected to alleviate financial pressures on older residents by freezing their property taxes, thereby preventing unauthorized increases and ensuring that they can afford to remain in their homes.

Sentiment

The general sentiment surrounding HB0366 appears to be supportive among lawmakers advocating for senior residents' financial security. Many see the bill as a necessary step toward mitigating the financial burdens faced by elderly citizens amidst rising living costs. However, there are concerns raised about the implications of allowing local variability in income limits, which may result in disparities among different regions. This points to a broader discussion on whether such local control is advantageous or if it could create inequities in access to tax relief.

Contention

Notable points of contention include the degree of autonomy granted to local governments versus the need for statewide consistency in property tax regulations. Some legislators fear that allowing localities to set varying income limits may lead to confusion and inequality among residents in different areas. Proponents argue that local governance is better equipped to assess and meet the needs of their populations, while detractors highlight potential disparities in tax relief availability. As lawmakers debate these issues, the outcomes of HB0366 will likely influence future property tax policies in Tennessee.