Taxes, Real Property - As introduced, urges the comptroller of the treasury to study the feasibility and potential impacts of establishing the value of all residential property as the most recent price paid for the property in lieu of assessors of property appraising the value through the use of assessment manuals; requires a report, if the study is conducted, to be submitted to the finance, ways and means committee of the senate and the committee of the house of representatives having jurisd...

Summary

The measure asks Tennessee’s comptroller of the treasury to examine whether residential property taxes could be based on the most recent price paid for a home instead of the current assessor‑determined values. If the study is carried out, the comptroller must submit a report with findings and recommendations to the Senate Finance, Ways and Means Committee and the House finance committee. The proposal would affect all residential property owners by potentially changing how their property values are calculated for tax purposes.

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