Taxes, Ad Valorem - As introduced, revises the definition of "residential property" for purposes of classification and assessment of property taxes to include property that can be sold and purchased as a single unit fee simple title, regardless of whether it is vacant, owner-occupied, rented, or detached or attached. - Amends TCA Title 67, Chapter 5.

HB 319 revises Tennessee's definition of "residential property" for property tax classification under TCA Title 67, Chapter 5. The bill expands the definition to include all properties used for dwelling purposes that can be sold as a single fee simple title - regardless of whether they are vacant, owner-occupied, rented, detached, or attached - while maintaining the requirement of "not more than one rental unit." This change directly affects property owners and tax assessors by altering how residential properties are classified for tax assessment. The key mechanism updates the legal definition to remove previous restrictions on occupancy type, streamlining classification for tax purposes. The bill takes effect upon becoming law.