AN ACT to amend Tennessee Code Annotated, Section 67-5-1005 and Title 67, Chapter 5, Part 16, relative to reappraisal.
Impact
The bill establishes specific guidelines for how often properties must be reappraised, stipulating that counties cannot allow reappraisal to occur less frequently than once every four years. Moreover, it sets requirements for the preparation, submission, and public notification of assessments and findings, enhancing transparency in the property assessment process. By updating the reappraisal cycles, the legislation intends to prevent discrepancies in property valuations that could lead to unjust taxation, benefiting taxpayers by ensuring they are not overtaxed on outdated property values.
Summary
Senate Bill 1946 seeks to amend Tennessee Code Annotated, specifically Section 67-5-1005 and Title 67, Chapter 5, Part 16, concerning the reappraisal of properties. The bill introduces a structured framework for county assessors to establish reappraisal programs, which will mandate periodic visual inspections and valuations of all taxable properties within the state. These changes aim to update property valuations to reflect current market conditions, thus promoting fair and accurate property taxation across counties.
Contention
Notable points of contention surrounding SB1946 may revolve around the practical implications of implementing these rigorous assessment schedules, particularly concerning the costs incurred by local governments to comply with such requirements. Critics might argue that the financial burden of frequent inspections and revaluations could be substantial, particularly for smaller municipalities. Additionally, there may be concerns regarding the potential bureaucratic challenges that could arise from the increased frequency of reporting and compliance expected from local assessors.
Last_action
The bill was last voted on during a third consideration in the Senate on April 17, 2024, where it passed unanimously with no nays, indicating strong bipartisan support for the proposed reforms.
Relating to the frequency with which certain appraisal districts are required to reappraise property for ad valorem tax purposes and to a limitation on the authority of an appraisal district to increase the appraised value of property.
Relating to a temporary exemption from ad valorem taxation of the appraised value of an improvement to a residence homestead that is completely destroyed by a fire.
An Amendment To The Arkansas Constitution To Repeal Provisions Concerning The Reappraisal And Reassessment Of Real Property; And To Amend Arkansas Constitution, Amendment 79, Concerning Real Property Taxes.