Tennessee SB1173 amends tax relief for elderly, low-income homeowners, adjusting reimbursement percentages based on age and property value.

Tennessee SB1173 modifies the tax relief program for elderly, low-income homeowners by adjusting the reimbursement percentages based on the taxpayer's age and the assessed value of their property. Reimbursement is capped at 100% for those 74 years old or older, with an incremental 10% increase for each additional year of age. The assessed value of the property is determined by multiplying the full market value by 25%. The bill also sets a maximum property value of $400,000 for the first year of tax relief, with annual inflation adjustments starting in 2027.

Tennessee SB1173 amends tax relief for elderly, low-income homeowners, adjusting reimbursement percentages based on age and property value.

Tennessee SB1173 modifies the tax relief program for elderly, low-income homeowners by adjusting the reimbursement percentages based on the taxpayer's age and the assessed value of their property. Reimbursement is capped at 100% for those 74 years old or older, with an incremental 10% increase for each additional year of age. The assessed value of the property is determined by multiplying the full market value by 25%. The bill also sets a maximum property value of $400,000 for the first year of tax relief, with annual inflation adjustments starting in 2027.