SB0843 amends Tennessee Code to return 50% of real estate transfer taxes to the county where collected.
SB0843 amends Tennessee Code Annotated, Section 67-4-409, to change how real estate transfer taxes are handled. The bill mandates that 50% of these taxes, which are currently remitted to the state, be returned to the county where the transfer occurred. This change aims to alleviate pressure on local property taxes and allow counties to invest in infrastructure and services. The act takes effect July 1, 2025, and applies to transfers of real property on or after that date.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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