HB1716

HB1716 amends Tennessee property tax laws to protect primary residences of U.S. citizens from tax sale and sets new valuation rules for residential.

HB1716 amends Tennessee Code to safeguard the primary residences of U.S. citizens from being sold to satisfy tax debts if the owner has lived there for at least ten years. It requires proof of residency and citizenship to prevent such sales. The bill also establishes the full value of the homestead as the exemption for tax-related debts. Additionally, it changes property valuation rules, setting the value of residential properties as the higher of the most recent sale price or the value attributed by a financial institution. This change applies to appraisals conducted after December 31, 2020.