SB2064 amends Tennessee's real property tax laws to limit tax rate increases and requires a referendum for certain tax hikes.
SB2064 amends Tennessee Code to limit local governments from increasing real property tax rates unless specific conditions are met. It restricts tax rate increases to inflation plus two percent unless approved by voters in a referendum. The bill also mandates a referendum for tax rate increases exceeding inflation plus six percent over three years. Exceptions include taxes for bond payments, certain utility rate changes, and actions by the comptroller of the treasury. The changes apply to all tax years beginning on or after July 1, 2026.
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