Public Chapter 218
SENATE BILL NO. 648
By McNally, Gilbert, Atchley, Crutchfield, Rochelle, Ford
Substituted for: House Bill No. 1396
By Tindell, Dunn, Burchett, Boyer, Bittle, Ritchie, Armstrong
AN ACTTo amend Tennessee Code Annotated, Title 67, Chapter 5, relative to property taxes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 67-5-1701, is amended by adding a new subsection (a)(5), which shall read as follows:
(5) In calculating the certified tax rate, the governing body of the county or municipality may adjust the calculation, according to a method approved by the state board of equalization, to reflect extraordinary assessment changes anticipated from appeals to the state or local boards of equalization. The state board of equalization shall order recapture of an excessive adjustment in the following year if the certified tax rate is found to have been overstated due to overestimation of the appeals adjustment, and in these cases the jurisdiction may exceed the recapture rate only after public hearing.
SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.