Tennessee Senate Bill SB2111

Tennessee 2023-2024 Regular Session

• Introduced: 1/29/24

Caption

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

Impact

The bill's introduction marks a notable change in Tennessee's approach to property tax relief, particularly aimed at supporting those who have served in the military. By providing this relief, the state acknowledges the sacrifices made by disabled veterans and seeks to alleviate their financial burden. The proposal is expected to have a relatively straightforward implementation, as it specifies the conditions under which eligible veterans can receive assistance. If passed, the relief will apply to tax years beginning on or after July 1, 2024, further solidifying the state's commitment to support its veterans.

Summary

Senate Bill 2111 aims to amend the Tennessee Code Annotated regarding property tax relief for disabled veterans. The bill proposes to provide financial assistance from the state's general funds to reimburse certain disabled veterans for part or all of their local property taxes on their primary residence. Specifically, it focuses on properties valued up to $175,000, where the reimbursement will be calculated based on the assessed value at 25% of the market value. This bill represents a significant effort to enhance the financial support available to veterans who may struggle with property tax obligations due to their disabilities.

Contention

While the bill has garnered support from various veteran advocacy groups and legislators who view it as a necessary means of providing relief, it may also spark discussions regarding the source of the state funds used for reimbursements. Critics may question the sustainability of the financial allocations and whether they might divert resources from other essential state services. Additionally, there may be concerns about ensuring that the criteria for eligibility are applied fairly and effectively maintain transparency in the distribution of funds.