Amends Tennessee tax relief for elderly, low-income homeowners, adjusting reimbursement rates and assessed value limits.

This bill amends Tennessee Code to adjust the property tax relief for elderly, low-income homeowners. It modifies the reimbursement rates based on age, with a maximum of 100% for those 74 years and older. The assessed value limit for tax relief is set at $400,000, with annual inflation adjustments starting from 2027. The bill also specifies how the assessed value is calculated and mandates the comptroller to notify taxpayers of any changes.

Amends Tennessee tax relief for elderly, low-income homeowners, adjusting reimbursement rates and assessed value limits.

This bill amends Tennessee Code to adjust the property tax relief for elderly, low-income homeowners. It modifies the reimbursement rates based on age, with a maximum of 100% for those 74 years and older. The assessed value limit for tax relief is set at $400,000, with annual inflation adjustments starting from 2027. The bill also specifies how the assessed value is calculated and mandates the comptroller to notify taxpayers of any changes.