Adds a 5% penalty on delinquent taxes to fund relief for elderly, disabled, and disabled veteran homeowners.
The bill introduces a new subsection to Tennessee's property tax enforcement, imposing a 5% penalty on delinquent taxes when suits are filed. This penalty, calculated on the base amount of delinquent taxes excluding interest or other penalties, must be used for tax relief for elderly low-income, disabled, or disabled veteran homeowners, or widows of disabled veterans. The act will take effect on July 1, 2025.
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