Taxes, Real Property - As introduced, sets the value of residential property for tax purposes at the higher of the most recent price paid for the property or the value attributed to the property by a financial institution when the owner refinances the mortgage on the property or otherwise uses the property as collateral for a loan; prohibits the sale of real property used by the owner as a principal place of residence for 10 years or more to satisfy a tax debt. - Amends TCA Title 26 and Title...
Failed in s/c Cities & Counties Subcommittee of State & Local Government Committee
Summary
The bill changes how Tennessee assesses residential property taxes by using the most recent purchase price or the value a bank assigns when the owner refinances or uses the home as loan collateral, whichever is higher. It also prevents a home that has been the owner’s primary residence for at least ten years from being sold to satisfy a property‑tax debt. The changes aim to make assessments more reflective of market values and protect long‑time homeowners from losing their homes over tax bills.
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