HB0842 amends Tennessee law to return 50% of realty transfer taxes to the county where collected.
HB0842 amends Tennessee Code Annotated, Section 67-4-409, to change how realty transfer taxes are handled. The bill requires the state to remit back to each county 50% of the recordation taxes on the transfer of realty collected by county registers and remitted to the state. This change aims to alleviate pressure on local property taxes and allow counties to invest in infrastructure and services. The amendment takes effect July 1, 2025, and applies to transfers of real property on or after that date.
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