Taxes, Real Property - As introduced, adds an exception to the requirement that mineral and other interests in real property are assessed to the owner of the real property. - Amends TCA Title 67, Chapter 5.

SB 2416 amends Tennessee's property tax law to change how mineral and non-soil interests in real property (like oil/gas rights) are taxed. It creates two exceptions: 1) if a lessee has a "payments in lieu of taxes" agreement with the state/local government (effective after April 30, 2019), or 2) if a lessee is part of a housing authority's affordable housing project under specific lease terms (effective after April 30, 2026). Under these exceptions, the property is assessed solely to the government entity (e.g., housing authority), not the private owner. This directly affects mineral rights holders and housing authorities participating in these arrangements. The bill shifts the tax assessment responsibility from private owners to government entities in these specific cases.