Tennessee Code 7-64-206 – Limitation on value of principal residence.
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Terms Used In Tennessee Code 7-64-206
- 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.
[For contingent repeal of this section, see the Compiler’s Notes.]
The limitation on value of the principal place of residence shall be under fifty thousand dollars ($50,000) and shall be determined by the appraised fair market value as it appears on the records of the county assessor and not the reduced assessment.