Amends Tennessee property tax assessment rules for buildings damaged by disaster.

This bill amends Tennessee property tax assessment rules for buildings damaged by disaster. It allows for prorated assessments if a building is moved, demolished, destroyed, or substantially damaged by disaster between September 1 and December 31 and is not restored by January 1 of the next year. The owner must apply for this relief by January 1 of the next year. The bill also specifies that the prorated assessment applies retroactively to January 1, 2024, and requires approval by a two-thirds vote of the governing body in affected counties.

Amends Tennessee property tax assessment rules for buildings damaged by disaster.

This bill amends Tennessee property tax assessment rules for buildings damaged by disaster. It allows for prorated assessments if a building is moved, demolished, destroyed, or substantially damaged by disaster between September 1 and December 31 and is not restored by January 1 of the next year. The owner must apply for this relief by January 1 of the next year. The bill also specifies that the prorated assessment applies retroactively to January 1, 2024, and requires approval by a two-thirds vote of the governing body in affected counties.