Tennessee 2025-2026 Regular Session

Tennessee House Bill HB0941 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2		-	SENATE BILL 1173
3		-	By Akbari
	2	+	<BillNo> <Sponsor>
4	3
5	4		HOUSE BILL 941
6	5		By Mitchell
7	6
8	7
9	8		HB0941
10	9		001982
11	10		- 1 -
12	11
13	12		AN ACT to amend Tennessee Code Annotated, Title 67,
14	13		Chapter 5, Part 7, relative to elderly, low-income
15	14		homeowners.
16	15
17	16		BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
18	17		SECTION 1. Tennessee Code Annotated, Section 67-5-702(a), is amended by deleting
19	18		subdivision (3) and substituting instead the following:
20	19		(A) Reimbursement must be paid on the assessed value of the property and in
21	20		accordance with subsection (b); provided, that reimbursement must not be paid if the
22	21		assessed value of the property exceeds four hundred thousand dollars ($400,000), or
23	22		such other amount as set forth in the general appropriations act or as adjusted pursuant
24	23		to subdivision (a)(3)(B), in the first year tax relief for the property is claimed by the
25	24		taxpayer. If the assessed value of the property of a taxpayer who received tax relief
26	25		pursuant to this section in the previous year exceeds the upper limit set or adjusted
27	26		pursuant to this subdivision (a)(3) in the subsequent year, then reimbursement must be
28	27		paid on the upper limit.
29	28		(B) Beginning for tax year 2027, and each subsequent tax year, the upper limit
30	29		on the assessed value under subdivision (a)(3)(A) must be increased annually to reflect
31	30		inflation, as measured by the United States bureau of labor statistics consumer price
32	31		index for all urban consumers, and rounded to the nearest one hundred dollars ($100).
33	32		The comptroller of the treasury shall notify taxpayers of any change in dollar amounts
34	33		made pursuant to this subdivision (a)(3)(B) and post the information in a readily
35	34		identifiable location on the comptroller's website. The annual percentage changes used
36	35
37	36
38	37		- 2 - 001982
39	38
40	39		in this calculation must be not less than zero percent (0%) and not more than three
41	40		percent (3%).
42	41		SECTION 2. Tennessee Code Annotated, Section 67-5-702(b), is amended by deleting
43	42		the subsection and substituting instead the following:
44	43		(1) In determining the amount of relief to a taxpayer:
45	44		(A) Reimbursement is based on the taxpayer's age and must be
46	45		calculated as a percentage of the property tax owed and paid on the assessed
47	46		value; and
48	47		(B) The assessed value must be multiplied by a tax rate that has been
49	48		adjusted to reflect the relationship between appraised value and market value in
50	49		that jurisdiction, as determined by the state board of equalization.
51	50		(2) The assessed value is determined by multiplying the full market value of the
52	51		property by twenty-five percent (25%).
53	52		(3) The full market value of the property is determined by adjusting the
54	53		appraised value of the property as shown on the records of the assessor of property by a
55	54		factor that reflects the relationship between appraised value and market value in that
56	55		jurisdiction, as determined by the state board of equalization.
57	56		(4) The amount of property tax relief available to a taxpayer is as follows:
58	57		(A) If the taxpayer is sixty-five (65) years of age, then the reimbursement
59	58		is ten percent (10%) of the property tax paid;
60	59		(B) Each additional year of age results in an additional ten percent (10%)
61	60		of property tax reimbursement; and
62	61		(C) If the taxpayer is seventy-four (74) years of age or older, then the
63	62		reimbursement is one hundred percent (100%) of the property tax paid.
64	63
65	64
66	65		- 3 - 001982
67	66
68	67		SECTION 3. This act takes effect July 1, 2025, the public welfare requiring it, and
69	68		applies to tax years beginning on or after that date.