Tennessee SB0126 amends realty transfer tax remittance to counties, requiring the state to return 50% of collected taxes.

Tennessee SB0126 amends Tennessee Code Annotated, Section 67-4-409, to change how realty transfer taxes are handled. Specifically, it mandates that the state remit back to each county 50% of the recordation taxes on real property transfers collected by county registers and sent to the state. This change takes effect July 1, 2025, and applies to transfers of real property on or after that date.

Tennessee SB0126 amends realty transfer tax remittance to counties, requiring the state to return 50% of collected taxes.

Tennessee SB0126 amends Tennessee Code Annotated, Section 67-4-409, to change how realty transfer taxes are handled. Specifically, it mandates that the state remit back to each county 50% of the recordation taxes on real property transfers collected by county registers and sent to the state. This change takes effect July 1, 2025, and applies to transfers of real property on or after that date.