Tennessee 2025-2026 Regular Session

Tennessee House Bill HB0366 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2		-	SENATE BILL 431
3		-	By Reeves
	2	+	<BillNo> <Sponsor>
4	3
5	4		HOUSE BILL 366
6	5		By Hale
7	6
8	7
9	8		HB0366
10	9		001315
11	10		- 1 -
12	11
13	12		AN ACT to amend Tennessee Code Annotated, Title 67,
14	13		Chapter 5, Part 6, relative to property damaged by
15	14		disaster.
16	15
17	16		BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
18	17		SECTION 1. Tennessee Code Annotated, Section 67-5-603(a)(1), is amended by
19	18		redesignating the last sentence of the subdivision as a new subsection (e).
20	19		SECTION 2. Tennessee Code Annotated, Section 67-5-603(a)(1), is amended by
21	20		designating the existing language as subdivision (A) and adding the following as a new
22	21		subdivision (B):
23	22		(B) If, between September 1 and December 31 of any year, a building or
24	23		improvement is moved, demolished, or destroyed, or substantially damaged by fire,
25	24		flood, wind, or any other disaster, and is not restored and no other improvement is
26	25		constructed in its place before January 1 of the next year, the assessor of property shall
27	26		make or correct the assessment of such property on the basis of the value of the
28	27		property after the move, destruction, or substantial damage of the improvements,
29	28		notwithstanding the status of the property as of the assessment date of January 1;
30	29		provided, that for the year in which such improvement is moved, demolished, destroyed,
31	30		or so damaged, the assessor of property shall prorate the assessment of the
32	31		improvement for that portion of the year and apply it to the subsequent tax year. This
33	32		subdivision (a)(1)(B) is effective retroactively to January 1, 2024.
34	33		SECTION 3. Tennessee Code Annotated, Section 67-5-603(d), is amended by deleting
35	34		the language "subsection (a)" and substituting instead the language "subdivision (a)(1)(A)", and
36	35
37	36
38	37		- 2 - 001315
39	38
40	39		deleting the language "subsection (d)" and substituting instead the language "subdivision
41	40		(d)(1)".
42	41		SECTION 4. Tennessee Code Annotated, Section 67-5-603(d), is amended by
43	42		designating the existing language as subdivision (1) and adding the following as a new
44	43		subdivision (2):
45	44		(2) In the case of damage as a result of a disaster declared by the president of
46	45		the United States, the annual assessment of an affected building or improvement in a
47	46		county included in the presidential declaration must be prorated as otherwise provided in
48	47		subdivision (a)(1)(B), for the actual time the building or improvement is destroyed and
49	48		not replaced, or the actual time the building or improvement is substantially damaged,
50	49		notwithstanding the building or improvement is restored or replaced by January 1 of the
51	50		next year; provided, the total time the building or improvement is destroyed or damaged
52	51		and not replaced or restored, exceeds thirty (30) days. The owner must apply for this
53	52		relief to the assessor of property by January 1 of the next year using a form approved by
54	53		the director of the state division of property assessments; provided, that for tax year
55	54		2024, the owner must apply by June 30, 2025. This subdivision (d)(2) is effective
56	55		retroactively to January 1, 2024. This subdivision (d)(2) does not take effect as to any
57	56		particular county or municipality unless approved by a two-thirds (2/3) vote of its
58	57		governing body following the disaster being declared by the president of the United
59	58		States.
60	59		SECTION 5. This act takes effect upon becoming a law, the public welfare requiring it.