Tennessee Senate Bill SB0207

Tennessee 2023-2024 Regular Session

• Introduced: 1/18/23

Caption

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

Impact

If enacted, SB0207 could significantly impact state tax laws by providing increased relief to property owners, thereby potentially reducing their tax burden. The adjustment of the threshold to fifty thousand dollars means that more individuals may qualify for property tax assistance. This could create a more favorable financial environment for lower-income property owners and may also encourage home ownership among those previously unable to afford it.

Summary

Senate Bill 0207 aims to amend the Tennessee Code Annotated concerning property tax relief, specifically under Title 67, Chapter 5, Part 7. The bill seeks to raise the property tax relief threshold from twenty-seven thousand dollars ($27,000) to fifty thousand dollars ($50,000), providing broader financial assistance to eligible property owners who meet this new requirement. This proposed change is intended to enhance property tax relief for residents, especially benefiting those in financial need.

Contention

While there appears to be wide support for SB0207, the increase in the property tax relief threshold may raise concerns regarding state revenue. Critics may argue that expanding relief could limit the funds available for public services, suggesting a balancing act between providing tax relief and ensuring adequate funding for essential services. This could lead to debates within the legislature about the best approach to tax policy and funding priorities.

Voting_summary

SB0207 was positively reviewed by the Senate State & Local Government Committee, which recommended its passage with a unanimous vote of 9-0. The bill has since been referred to the Senate Finance, Ways, and Means Committee for further consideration.