Tennessee House Bill HB2057

Tennessee 2023-2024 Regular Session

• Introduced: 1/24/24
• Refer: 1/29/24
• Refer: 2/7/24
• Refer: 2/13/24
• Refer: 2/21/24
• Refer: 2/27/24

Caption

AN ACT to amend Tennessee Code Annotated, Section 67-5-1005 and Title 67, Chapter 5, Part 16, relative to reappraisal.

Impact

If enacted, HB2057 will enforce stricter compliance standards on local governments regarding the assessment and reappraisal of properties. Counties will be obligated to conduct reappraisals at least once every four years and ensure that all properties, including those belonging to public utilities, are assessed in the same cycle as other properties. This move is anticipated to enhance the accuracy of property tax assessments and provide more equitable taxation based on current market realities. Additionally, it addresses the need for transparency and accountability in the assessment process, which may lead to fewer disputes over property valuations and increased taxpayer confidence in the system.

Summary

House Bill 2057 proposes amendments to the Tennessee Code Annotated, specifically targeting sections related to property reappraisal. The bill introduces a new section requiring counties to adopt a reappraisal program that provides for the visual inspection and revaluation of every parcel of real property. This aims to update property values regularly, ensuring that they reflect current market conditions. By requiring counties to adhere to a specified reappraisal cycle, it seeks to standardize how property assessment is conducted across different jurisdictions within the state.

Contention

However, the bill may face opposition from local government officials who argue that the mandates could place additional financial burdens on counties that lack adequate resources to meet these requirements. There may also be concerns regarding the flexibility of local assessments, as the bill standardizes procedures that could limit the ability of counties to tailor assessments to their specific needs. Critics may contend that too much regulation from the state diminishes local control, leading to dissatisfaction among residents who feel that their community's unique circumstances are not adequately considered under a one-size-fits-all approach.