Imposes a 5% penalty on delinquent taxes to fund tax relief for low-income, disabled, or disabled veteran homeowners.

The bill amends Tennessee's property tax laws by adding a 5% penalty on all delinquent taxes when suits are filed to enforce the tax lien. This penalty is imposed on the amount due from any defendant to the state, county, or municipality. The penalty must be used to provide tax relief for homeowners who are elderly, low-income, disabled, or disabled veterans or widows of disabled veterans. The penalty is computed on the base amount of delinquent taxes, excluding accrued interest or penalties. The act takes effect July 1, 2025.

Imposes a 5% penalty on delinquent taxes to fund tax relief for low-income, disabled, or disabled veteran homeowners.

The bill amends Tennessee's property tax laws by adding a 5% penalty on all delinquent taxes when suits are filed to enforce the tax lien. This penalty is imposed on the amount due from any defendant to the state, county, or municipality. The penalty must be used to provide tax relief for homeowners who are elderly, low-income, disabled, or disabled veterans or widows of disabled veterans. The penalty is computed on the base amount of delinquent taxes, excluding accrued interest or penalties. The act takes effect July 1, 2025.