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 67.

SB 2411 changes how Tennessee calculates property taxes for residential homes by setting the taxable value at the higher of the home's most recent sale price or the value assigned by a bank when the owner refinances or uses the home as loan collateral. It also protects homeowners who have lived in their primary residence as a U.S. citizen for 10+ years by preventing tax sales to collect unpaid property taxes, provided they prove residency and citizenship. The bill requires property owners to submit evidence of 10 years as a primary residence and U.S. citizenship to qualify for this protection, and once verified, interest stops accruing on the tax debt. These changes apply to properties sold or refinanced after December 2020, with existing appraisals remaining valid until 2026.