Taxes, Real Property - As introduced, revises the formula for calculating tax relief on real property owned by eligible disabled veterans so that in determining the amount of relief to such a taxpayer, the assessed value on the first $175,000 of full market value is to be multiplied by the ad valorem tax rate of the jurisdiction instead of by a rate that has been adjusted to reflect the relationship between appraised value and market value in that jurisdiction. - Amends TCA Title 67, Chapter 5, Part 7.

SB 651 revises how Tennessee calculates property tax relief for eligible disabled veterans who own their primary residence. The bill changes the formula so that tax relief is determined by multiplying the assessed value (25% of the first $175,000 of a home's market value) by the standard local property tax rate, rather than an adjusted rate. This change applies to tax years beginning July 1, 2025, and directly affects disabled veterans qualifying for this property tax exemption. The policy update simplifies the calculation method without altering the $175,000 property value threshold.