Taxes, Real Property - As enacted, establishes the process for property tax assessment and valuation of multi-unit rental housing that receives a federal, state, or local incentive based on low-income renter restrictions. - Amends TCA Title 7; Title 13; Title 48; Title 49; Title 67 and Title 68.

Summary

The law sets how Tennessee will value multi‑unit rental properties that receive federal, state, or local incentives tied to low‑income renter limits. It requires owners to notify assessors when a restriction begins, ends, or a foreclosure occurs, and uses specific income‑based appraisal methods and adjusted capitalization rates. The goal is to ensure tax assessments reflect the reduced market value caused by those restrictions.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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