SB0431 amends Tennessee property tax assessment rules for buildings damaged by presidentially declared disasters.

SB0431 amends Tennessee Code to adjust property tax assessments for buildings or improvements damaged by disasters declared by the U.S. president. For such damages, the annual assessment must be prorated for the time the building or improvement is destroyed and not replaced. Owners must apply for this relief by June 30, 2025. The amendment is effective retroactively to January 1, 2024, but requires approval by a two-thirds vote of the governing body of the affected county or municipality.

SB0431 amends Tennessee property tax assessment rules for buildings damaged by presidentially declared disasters.

SB0431 amends Tennessee Code to adjust property tax assessments for buildings or improvements damaged by disasters declared by the U.S. president. For such damages, the annual assessment must be prorated for the time the building or improvement is destroyed and not replaced. Owners must apply for this relief by June 30, 2025. The amendment is effective retroactively to January 1, 2024, but requires approval by a two-thirds vote of the governing body of the affected county or municipality.