TN HB1716

Residential property values for tax purposes must be set at the higher of the most recent sale price or the value assigned by a financial institution when used as loan collateral, replacing assessment manual-based valuations

Properties appraised by assessors on or before December 31, 2026 retain that appraised value until sold or refinanced; new valuation rules apply to sales and appraisals occurring after December 31, 2020

U.S. citizens receive a full homestead exemption against property tax debt for their principal residence

Properties used as a principal residence by a U.S. citizen for 10 or more years cannot be sold at tax sale to satisfy property tax debt, and interest stops accruing once residency is verified

Unpaid property tax debt on protected homesteads becomes due upon transfer of the property to a new owner