Tennessee Senate Bill SB2778

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/24
• Engrossed: 3/11/24
• Enrolled: 3/20/24
• Passed: 4/4/24
• Chaptered: 4/8/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 5, relative to property taxes.

Impact

The passage of SB 2778 is likely to simplify property tax calculations, thereby making it easier for local governments and assessors to determine tax obligations. However, this could also lead to a reduction in local revenue, depending on how assessments are carried out after the elimination of the specified regulations. The bill's effect on revenue generation for municipalities and counties may provoke discussions around funding for local services, such as education and infrastructure.

Summary

Senate Bill 2778 is legislation aimed at amending Tennessee Code Annotated, specifically Title 67, Chapter 5, which pertains to property taxes. The bill seeks to remove existing provisions related to property tax assessments, potentially affecting how property taxes are calculated and enforced across the state. This legislative change is part of an ongoing effort to streamline and possibly reform the tax structure within Tennessee, especially in the realm of local taxes that impact residents and property owners.

Sentiment

Sentiment around SB 2778 appears to be cautiously optimistic among some legislators who view it as a necessary reform aimed at reducing bureaucratic complexities in local property tax management. Yet, apprehension lingers among opponents who argue that removing regulatory provisions could erode local governance, potentially leading to inequitable tax practices. This divide highlights a broader debate about the balance between state oversight and local governance in taxation policies.

Contention

Notable points of contention regarding SB 2778 involve concerns about the implications for local control over tax assessments. Critics suggest that while the aim may be to simplify processes, there is a risk that such centralization could limit local governments' ability to address their unique economic and social contexts. Proponents counter that the change is essential for a more cohesive tax system, arguing that unnecessary complexities hinder effective governance. This ongoing dialogue underscores the importance of finding common ground in tax reform initiatives.