Plain English Breakdown
The official source does not provide details on the consequences of non-compliance with sending a written notice, nor does it specify how the change will affect counties and cities in practice.
Property Tax Loan Notification
This bill changes how Tennessee's property tax loan default notifications are sent.
What This Bill Does
- Requires that when a county or city does not pay back a state loan for real property reappraisal, the director of the division of property assessments must send a written notice to the commissioner of finance and administration.
Who It Names or Affects
- The director of the division of property assessments.
- The commissioner of finance and administration.
- Counties or cities that have taken out state loans to fund real property reappraisal programs.
Terms To Know
- Ad Valorem
- A type of tax based on the value of a property, like property taxes.
- Reappraisal Program
- A program that reassesses or revalues properties to update their assessed values for tax purposes.
Limits and Unknowns
- The bill does not specify what happens if the written notice is not sent.
- It's unclear how this change will affect counties and cities in practice.