(a) The legislative body of any county or municipality may provide by resolution that:

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 7-64-201

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) Any taxpayer or spouse who is sixty-five (65) years of age or older and who owns residential property as such person‘s principal place of residence shall pay taxes on such property as any other taxpayer, but taxes on the property in the amount that exceeds such person’s property tax for the year 1979 may be deferred at the interest rate provided for in this part, with such deferred taxes to remain a lien upon the property as provided in this part;
(2) Any taxpayer who reaches sixty-five (65) years of age on or before March 27, 1980, who owns residential property as such person’s principal place of residence shall thereafter pay taxes on such property in the same amount as other taxpayers, but that any taxes in excess of the 1979 taxes may be deferred until the date of sale of such property or the date of death of the taxpayer, or the death of the surviving spouse, and that any taxpayer who reaches sixty-five (65) years of age after March 27, 1980, may defer any taxes in excess of the amount in effect in the year such person becomes sixty-five (65) years of age subject to the other provisions of this part; and
(3) Any taxpayer who is sixty-five (65) years of age or older who purchases residential property as such person’s principal place of residence after such person’s sixty-fifth birthday may defer taxes in excess of the amount of tax in the year such person purchased the property subject to this part.
(b) Whenever the fair market value of such property is increased as the result of improvements to such property after March 27, 1980, then the assessed value of such property shall be adjusted to include such increased value, and the taxes shall also be increased proportionally with the increased value, which increased value shall not be subject to the benefits of the tax deferment provided for in this part.
(c) In the event the taxpayer’s principal place of residence is on a farm or plot of ground larger than one (1) acre, the benefits of this part shall be limited to the principal residence and not in excess of one (1) acre of ground.
  Previous section
Next section  
 Part 2 Contents