Tennessee HB0753 amends state law to establish assessment methods for multi-unit rental housing subject to government restrictions.

Tennessee HB0753 amends state law to establish specific assessment methods for multi-unit rental housing subject to government restrictions. Owners must notify the property assessor if the property is subject to such restrictions and if they request the property to be classified accordingly. The assessment must use an annual net operating income approach and a capitalization rate, adjusted based on the property's risks and location. Owners failing to notify the assessor are liable for any delinquent property taxes.

Tennessee HB0753 amends state law to establish assessment methods for multi-unit rental housing subject to government restrictions.

Tennessee HB0753 amends state law to establish specific assessment methods for multi-unit rental housing subject to government restrictions. Owners must notify the property assessor if the property is subject to such restrictions and if they request the property to be classified accordingly. The assessment must use an annual net operating income approach and a capitalization rate, adjusted based on the property's risks and location. Owners failing to notify the assessor are liable for any delinquent property taxes.