SB2416 amends Tennessee property tax laws to clarify assessment rules for mineral and other interests in real property.

SB2416 amends Tennessee Code Annotated, Title 67, Chapter 5, to modify property tax assessment rules for mineral and other interests in real property. The bill specifies that these interests are assessed to the owner, unless they are subject to a lawful agreement for payments in lieu of taxes. It also addresses the assessment of improvements on land where the fee, reversion, or remainder is exempt to the owner. The changes apply to agreements entered into or amended on or after April 30, 2019, and affect entities such as housing authorities promoting affordable housing.

SB2416 amends Tennessee property tax laws to clarify assessment rules for mineral and other interests in real property.

SB2416 amends Tennessee Code Annotated, Title 67, Chapter 5, to modify property tax assessment rules for mineral and other interests in real property. The bill specifies that these interests are assessed to the owner, unless they are subject to a lawful agreement for payments in lieu of taxes. It also addresses the assessment of improvements on land where the fee, reversion, or remainder is exempt to the owner. The changes apply to agreements entered into or amended on or after April 30, 2019, and affect entities such as housing authorities promoting affordable housing.