TN HB0941

Establishes a $400,000 assessed value cap for elderly, low-income homeowners to qualify for property tax relief in their first year claiming the benefit

Creates an age-based sliding scale for property tax reimbursement: 10% at age 65, increasing by 10% each year, reaching 100% reimbursement at age 74 and older

Beginning in tax year 2027, the $400,000 assessed value cap will be adjusted annually for inflation using the Consumer Price Index, with increases capped between 0% and 3%

Taxpayers already receiving relief whose property values exceed the cap in subsequent years will continue receiving reimbursement based on the cap amount rather than losing eligibility entirely

Takes effect July 1, 2025, applying to tax years beginning on or after that date