TN HB0426

Allows nonprofit religious institutions with associated nonprofit businesses in metropolitan counties with populations over 500,000 (per 2020 census) to apply for property tax exemptions on land acquired for exempt purposes

Permits the effective date of such exemptions to be backdated up to 3 years prior to the application date, or to when the property began being used for exempt purposes, whichever is later

Applies retroactively to properties acquired before the act's effective date, exempting them from taxation while owned by the qualifying institution and used for exempt purposes

Does not require counties to refund any property taxes already collected prior to the act's effective date

Takes effect immediately upon becoming law