TN HB0366

Property assessments must be adjusted to reflect post-damage value when buildings are moved, demolished, destroyed, or substantially damaged by fire, flood, wind, or other disaster between September 1 and December 31, if not restored by January 1

Assessors must prorate the property tax assessment for the portion of the year the improvement existed, applying it to the subsequent tax year

Properties in counties covered by a presidential disaster declaration qualify for prorated assessments based on actual time destroyed or damaged, even if restored by January 1, provided damage exceeds 30 days

Owners must apply for disaster relief to the property assessor by January 1 of the following year, with a special deadline of June 30, 2025 for tax year 2024

Presidential disaster provisions require two-thirds approval by the county or municipality governing body to take effect locally; all provisions are retroactive to January 1, 2024