Assessors - As introduced, requires assessors of property to correct an assessment of property for any real property destroyed, demolished, or substantially damaged by disaster between September 1 and December 31 of any year by prorating the assessment for that portion of the year and applying it to the subsequent tax year. - Amends TCA Title 67, Chapter 5, Part 6.

HB 366 modifies Tennessee's property tax rules for buildings damaged by disasters. It requires property assessors to prorate taxes for buildings destroyed, demolished, or substantially damaged by events like fires or floods between September 1 and December 31 of a year, if not restored by January 1 of the next year. The prorated amount is applied to the following tax year instead of charging the full year's tax. For federally declared disasters, property owners may request a prorated tax reduction for the actual time the building was damaged (exceeding 30 days) by applying to the assessor by January 1 (or June 30, 2025 for 2024 taxes), with county approval needed. The changes apply retroactively to January 1, 2024.