Tennessee SB0539 amends state law to establish assessment methods for multi-unit rental housing subject to government restrictions.
Tennessee SB0539 amends state law to establish specific assessment methods for multi-unit rental housing subject to government restrictions. These methods include using an annual net operating income approach, applying a capitalization rate, and adjusting the unrestricted market value based on rental rates. The bill also mandates that owners notify the property assessor of changes in the property's status, such as becoming subject to government restrictions or ceasing to be subject to such restrictions. Failure to notify can result in liability for delinquent property taxes.
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