HB 608 prohibits Tennessee state and local governments from requiring builders or developers to fund infrastructure that isn't essential to their specific project. It specifically prevents governments from mandating payment for non-adjacent infrastructure or infrastructure beyond what was initially estimated for the development. The bill applies only to residential projects under 300 homes or multi-family housing under 500 units, covering elements like roads, utilities, or internet cabling not directly needed for the property's creation, maintenance, or growth. It does not affect existing zoning, tax laws, or permits, and takes effect July 1, 2025, for new contracts.
HB 766 adds a 5% penalty to overdue property taxes in Tennessee. The penalty money will fund tax relief for elderly low-income homeowners, disabled homeowners, disabled veterans, and widows of disabled veterans. The penalty is calculated only on the base amount of overdue taxes (excluding interest or other penalties). This change takes effect July 1, 2025.
HB 765 requires that 10% of excess proceeds from delinquent property tax sales in Tennessee be allocated to provide tax relief for specific homeowners. It directly affects elderly low-income residents, disabled individuals, disabled veterans, and widows of disabled veterans. The bill amends Tennessee Code Annotated, Title 67, Chapter 5, by adding a new provision directing these funds to a dedicated tax relief program under "part 7" of the chapter. The law would take effect on July 1, 2025, if passed.
This bill requires disabled veterans to provide documentation of their military service and disability to qualify for a property tax exemption. It directly affects disabled veterans in Tennessee seeking this exemption. The legislation amends Tennessee law to add this documentation requirement as a condition for eligibility. The exemption itself remains unchanged, but applicants must now submit proof of service and disability to claim it.
HB 753 establishes new rules for taxing multi-unit rental properties (4+ units) that receive federal, state, or local incentives tied to low-income renter restrictions. It requires property assessors to value these properties using specific methods, including adjusting market value based on rent ratios and excluding tax credits, while applying a capitalization rate 50-150 basis points above standard rates. Owners must notify assessors about restrictions by December 31 each year, or face tax penalties. The law takes effect for tax year 2026 and applies to properties developed on or after that date.
SB 1173 revises Tennessee's property tax relief program for elderly, low-income homeowners by creating age-based reimbursement tiers. It provides property tax reimbursements ranging from 10% (at age 65) up to 100% (age 74+), calculated as a percentage of taxes paid on the assessed property value. The bill sets a $400,000 cap on eligible property value (adjusted annually for inflation using the CPI), and requires the comptroller to publish annual updates on the cap amount. This directly affects eligible elderly homeowners aged 65+ with low income who own property valued under the inflation-adjusted cap.
