Tennessee SB 23: Taxes, Exemption and Credits - As introduced, changes the home value for which real property tax relief will be granted from $100,000 to $175,000 for veterans with disabilities and from $23,500 to $25,000 for low-income homeowners who are elderly or have disabilities. - Amends TCA Title 67, Chapter 5, Part 7.

Bill Text

SB0023
000414
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HOUSE BILL 20
By Pitts

SENATE BILL 23
By Green

AN ACT to amend Tennessee Code Annotated, Title 67,
Chapter 5, Part 7, relative to tax relief.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 67-5-702, is amended by deleting the
language “twenty-three thousand five hundred dollars ($23,500)” wherever it appears and
substituting instead the language “twenty-five thousand dollars ($25,000)”.
SECTION 2. Tennessee Code Annotated, Section 67-5-703, is amended by deleting the
language “twenty-three thousand five hundred dollars ($23,500)” wherever it appears and
substituting instead the language “twenty-five thousand dollars ($25,000)”.
SECTION 3. Tennessee Code Annotated, Section 67-5-704(a), is amended by deleting
the language “one hundred thousand dollars ($100,000)” wherever it appears and substituting
instead the language “one hundred seventy-five thousand dollars ($175,000)”.
SECTION 4. This act shall take effect upon becoming a law, the public welfare requiring
it.