reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 6 - CLASSIFICATION AND ASSESSMENT - VALUATION (§§ 67-5-601 — 67-5-607) › Section 67-5-602 - Assessment guided by manuals - Factors for consideration

(a)
Except as provided in §
67-5-601(c)
, in determining the value of all property of every kind, the assessor shall be guided by, and follow the instructions of, the appropriate assessment manuals issued by the division of property assessments and approved by the state board of equalization. In the preparation of the manual, the division of property assessments and the state board of equalization shall consult with the United States forest service and the state forester in establishing the guidelines to be used in determining the value of forestland.
(b)
For determining the value of real property, such manuals shall provide for consideration of the following factors:
(1)
Location;
(2)
Current use;
(3)
Whether income bearing or non-income bearing;
(4)
Zoning restrictions on use;
(5)
Legal restrictions on use;
(6)
Availability of water, electricity, gas, sewers, street lighting, and other municipal services;
(7)
Inundated wetlands;
(8)
Natural productivity of the soil, except that the value of growing crops shall not be added to the value of the land. As used in this subdivision (b)(8), "crops" includes trees; and
(9)
All other factors and evidence of value generally recognized by appraisers as bearing on the sound, intrinsic and immediate economic value at the time of assessment.
(c)
(1)
For determining the value of industrial, commercial, farm machinery and other personal property, such manuals shall provide for consideration of the following factors:
(A)
Current use;
(B)
Depreciated value;
(C)
Actual value after allowance for obsolescence; and
(D)
All other factors and evidence of value generally recognized by appraisers as bearing on the sound, intrinsic and immediate economic value at the time of assessment.
(2)
Notwithstanding the foregoing, all farm personal property and also all household and kitchen furniture, tableware, musical instruments, wearing apparel, private passenger motor vehicles, jewelry and other personal property of similar character used in the taxpayer's own household, together with all intangible property, including bank accounts, of the taxpayer, may be assumed prima facie by the assessor of property to be of a value not in excess of seven thousand five hundred dollars ($7,500) per individual and fifteen thousand dollars ($15,000) for jointly owned property held by husband and wife in the absence of any tax return or schedule to the contrary.
Acts 1973, ch. 226, § 6; 1974, ch. 771, § 8; 1976, ch. 782, § 13; 1977, ch. 262, § 1; T.C.A., § 67-606; Acts 1987, ch. 430, § 1; 1988, ch. 831, § 1; 1995, ch. 362, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 6 - CLASSIFICATION AND ASSESSMENT - VALUATION (§§ 67-5-601 — 67-5-607) › Section 67-5-604 - Pollution control facilities

(a)
For purposes of this chapter, "pollution control facilities" means any system, method, improvement, structure, device or appliance appurtenant thereto used or intended for the primary purpose of eliminating, preventing or reducing air or water pollution or for the primary purpose of treating, pretreating, recycling or disposing of any hazardous or toxic waste, solid or liquid, when such pollutants or waste are created as a result of fabricating or processing by the owner, operator or lessee of the pollution control facilities, and that, if released without such treatment, pretreatment, modification or disposal, might be harmful, detrimental or offensive to the public and the public interest.
(b)
(1)
The value of qualified pollution control facilities shall, for the purpose of ad valorem property taxation, be deemed to be its salvage value, that is, the estimated fair market value, if any, that could be realized upon the voluntary sale or other disposition of such property when it can no longer be used for the purpose for which it was designed. For purposes of this section, salvage value shall never exceed one-half percent (0.5%) of the acquisition value of such facilities. Facilities may qualify for the valuation provided in this subdivision (b)(1) by obtaining a certificate from the department of environment and conservation, or by such county boards of health as it may designate.
(2)
Such certificate shall be issued in the event that the property used for pollution control is in compliance with the applicable rules and regulations adopted pursuant to the various provisions of §§
68-201-101
- 68-201-116, 68-221-101 - 68-221-206, title 68, chapter 212, part 1 and title 69, chapter 3, part 1.
(c)
(1)
Application for a certificate shall be filed with the department or its designated representative, in such a manner and form as may be prescribed by regulations adopted by the department and shall contain specifications of such facilities.
(2)
The department shall determine whether such application should be allowed in whole or in part, within thirty (30) days of receipt, and shall approve or disapprove the issuance of the certificate. Upon failure of the department to issue such approval or disapproval within the thirty-day period, the application for certificate shall be considered to be approved.
(3)
For purposes of ad valorem taxation, the effective date of the valuation provided in this section shall be January 1, following the date of application.
Amended by 2013 Tenn. Acts, ch. 297,s 2, eff. 4/29/2013.
Acts 1985, ch. 287, § 2; 1991, ch. 503, § 2; 1992, ch. 693, § 1; 2010, ch. 1134, § 41.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 6 - CLASSIFICATION AND ASSESSMENT - VALUATION (§§ 67-5-601 — 67-5-607) › Section 67-5-605 - Assessment of leasehold

Leasehold interests assessable under §
67-5-502
shall be valued by discounting to present value the excess, if any, of fair market rent over actual and imputed rent for the leased premises, for the projected term of the lease, including renewal options. As an alternative in valuing an interest in residential property, the interests assessable under §
67-5-502(d)
may be valued by the sales comparison approach using sales or transfers of similar interests in residential property. By virtue of the speculative nature of valuation of options to purchase, any option that the lessee may be given to purchase the leased premises shall be deemed to have no value. The state board of equalization is authorized to promulgate rules governing the procedure for these valuations.
Acts 1995, ch. 373, § 1; 2008, ch. 802, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 6 - CLASSIFICATION AND ASSESSMENT - VALUATION (§§ 67-5-601 — 67-5-607) › Section 67-5-606 - Proration of commercial and industrial property damaged by disaster

(a)
If, after January 1 and before September 1 of any year, commercial and industrial tangible personal property is destroyed, demolished or substantially damaged by fire, flood, wind or any disaster certified by the federal emergency management agency (FEMA), and is not restored and no commercial and industrial tangible personal property is operated in its place before September 1 of that year, the assessor of property shall prorate the assessment of the commercial and industrial tangible personal property for the portion of the year prior to the date of such destruction, demolition or substantial damage.
(b)
The state, county, or municipal tax collector shall collect taxes on the basis of the revised or corrected assessment as prorated by the assessor.
(c)
In the case of damage as a result of a disaster declared by the president of the United States, the annual assessment of commercial and industrial tangible personal property that is destroyed, demolished, or substantially damaged as a result of being located in a county included in the presidential declaration shall be prorated as otherwise provided in subsection (a), for the actual time the qualifying personal property is not replaced or restored notwithstanding that such personal property is replaced or restored by September 1, if the total time the qualifying personal property is not replaced or restored exceeds thirty (30) days. The owner must apply for this relief to the assessor of property by September 1 of the following year using a form approved by the director of the state division of property assessments. The owner shall provide the assessor of property a listing of the destroyed, demolished, or substantially damaged personal property for which the proration is sought. This subsection (c) shall not take effect as to any particular county or municipality unless approved by a two-thirds (2/3) vote of its governing body following the disaster being declared by the president of the United States.
Amended by 2023 Tenn. Acts, ch. 259,s 4, eff. 4/28/2023.
Amended by 2017 Tenn. Acts, ch. 11, s 2, eff. 3/24/2017.
Acts 1999, ch. 422, § 1; 2010 , ch. 1134, § 58.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 6 - CLASSIFICATION AND ASSESSMENT - VALUATION (§§ 67-5-601 — 67-5-607) › Section 67-5-607 - Emergency response frameworks-Joint preliminary damage assessments-Rights of assessors of property

(a)
Countywide emergency response frameworks must include assessors of property at the option of an assessor to monitor events related to disasters or emergencies that have affected or have the potential to affect the condition of real or tangible personal property within individual assessors' jurisdictions.
(b)
Assessors of property and county emergency management officials shall coordinate when their respective jurisdictions conduct joint preliminary damage assessments. Final copies of joint preliminary damage assessments must be made available to assessors upon request.
(c)
Assessors of property, through coordination with county emergency management officials, have unrestricted rights in the performance of official duties to enter and inspect property within disaster areas to include all property having been affected or potentially affected by disaster or other related events.
Added by 2023 Tenn. Acts, ch. 259, s 1, eff. 4/28/2023.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-803 - Tract lying partly outside taxing district

When assessing for public taxes any tract of land lying partly within the limits of a drainage district, special school district or other special taxing district, and partly outside the limits of such district, an assessor shall assess that part of such tract lying within the limits of such district as one (1) independent tract, and that part of any such tract lying outside of the limits of such district as another independent tract, to the end that the amount of the taxes due to each taxing district may be definitely known.
Acts 1973, ch. 226, § 6; T.C.A., § 67-615.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-804 - Assessor's records for each taxable parcel - Identification and registration of mineral interests

(a)
For purposes of assessment of real property, each assessor shall keep a record for each parcel of taxable real property in the assessor's taxing jurisdiction, which shall show the following:
(1)
The description of the property;
(2)
The name of the true owner or owners, if known;
(3)
The value of the land or lot, the value of the improvements, and also the separate value of any interests in real property or improvements thereon assessable as under §
67-5-502(d)
;
(4)
The classification or subclassification and the appropriate percentage rate for purposes of assessment;
(5)
The actual assessment that results from the multiplication of the value of the property by the appropriate percentage rate; and
(6)
Any other information as may be required by the state board of equalization.
(b)
All mineral owners shall be required to identify their mineral interests with the property assessor in the county in which the interest is located. The mineral owner shall provide a deed reference number for the mineral interest and shall specify where that mineral estate lies, citing tax maps and parcel numbers for the owner or owners of surface above the mineral estate. All property registered and identified sufficiently to the property assessor on July 1, 1987, and on which taxes have been paid through the current tax year on July 1, 1987, shall not be required to register again. Property shall be deemed to have been identified sufficiently, if and only if, it has been identified to the property assessor by the mineral owner in at least one (1) of these three (3) ways:
(1)
By map and parcel number of the surface owners above the mineral estate;
(2)
By providing to the property assessor reliable and accurate maps showing the location of the mineral interest in relation to the surface estates, which maps shall be kept on file in the property assessor's office. The property assessor shall use those maps to identify the surface owners above the mineral interest; or
(3)
By providing the names of the surface owners and enough additional information so that the property assessor can identify on the property assessor's maps the location of the mineral interest. The property assessor shall keep the names and information on file and shall use the information to identify on the property assessor's maps the location of the mineral interest in relation to the surface estate.
(c)
The state board of equalization shall furnish to local property assessors a form for mineral owners to use.
Acts 1973, ch. 226, § 6; T.C.A., § 67-613; Acts 1987, ch. 282, §§ 4, 11; 1988, ch. 702, § 3.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-805 - Rules for describing real property

(a)
In describing real estate, the following rules shall be observed:
(1)
The number of town lots and blocks of the property as a whole or a part shall be given;
(2)
The name of the street, avenue, alley, or road on which it fronts, and the front feet thereof shall be given, unless the size, dimensions, and quantity can be more conveniently given in acres, then to be given in acres;
(3)
If the property is a part of any known subdivision, its size, dimensions, quantity, and front feet or acres shall be given;
(4)
In describing tracts of land, when it can be done, the surveyor's district, range, township, section, and sectional subdivision shall be designated and the number of acres;
(5)
The lands by which the described tract is bounded shall also be given in the assessment; and
(6)
When part of a known tract, subdivision, lot or block of land is assessed by a description that identifies it, or any part of it that is assessed but not so identified, such description shall be held to embrace all of such tract, subdivision, lot or block not included in the part identified.
(b)
A failure to assess according to this chapter shall not in any wise vitiate the assessment or sale of lands under this chapter, and parol testimony shall always be admissible to supply a description of land on the assessment roll or in conveyance for taxes, where such testimony will show what land was assessed and sold, and there is enough in the description on the roll or conveyance to be applied to a particular tract or parcel of land by aid of such testimony.
Acts 1973, ch. 226, § 6; 1980, ch. 709, §§ 1, 2; T.C.A., § 67-614.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-806 - Use of property maps - Revision of property maps

(a)
Where any county or municipality other than metropolitan governments has prepared or has had prepared property maps, that identify parcels of land within the area of that local government, that assign a number or other identifying symbol to such parcels and that show names of streets and public ways, and where such maps have been made a matter of public record and have been filed in the office of the county registrar, the parcel number or other identifying symbol that a specific parcel has been assigned on the official property identification map or maps shall be a sufficient description and identification of such property for purposes of assessment. Property maps prepared for property tax and assessment purposes shall not be conclusive evidence of property ownership in any court of law.
(b)
(1)
The state division of property assessment shall supervise the preparation, maintenance, revision and recording of all such property maps. It shall be the duty of the assessor to annually file a copy or reproduction of such property maps, as currently revised, with the county register of deeds, except in counties with a metropolitan form of government, who shall, without charge, accept, file, and preserve such copy or reproduction as a public record. Such copy or reproduction shall be filed on or before April 15 of each year, and shall reflect the status of property as of January 1. The copy or reproduction must use a format and storage medium approved by the director of the division of property assessments.
(2)
The state division of property assessment shall revise such property maps to indicate the proper boundary between adjoining counties upon receipt of a notice from the state board of equalization as provided in [former] §
5-2-115(d)(3)
[repealed].
Amended by 2019 Tenn. Acts, ch. 59, s 1, eff. 1/1/2020.
Amended by 2013 Tenn. Acts, ch. 209, s 10, eff. 4/23/2013.
Acts 1973, ch. 226, § 6; 1980, ch. 709, §§ 1, 2; T.C.A., § 67-614; Acts 1986, ch. 703, § 3; 1987, ch. 46, §§ 1, 2; 1998, ch. 666, §§ 1, 2; 2000, ch. 622, § 2.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-808 - Metropolitan governments - Tax rolls

(a)
Assessors of property for metropolitan governments shall assess separately and keep separate records and make up separate assessment rolls for:
(1)
Property in the urban services district;
(2)
Property within the limits of each incorporated city; and
(3)
Other property, being all property in the general services district and not in the urban services district or in any incorporated city.
(b)
The aggregate of the enumerated assessment records and rolls shall be the assessment records and rolls for the general services district, and the assessor of property shall so certify to the trustee, without obligation or a need to compile any other record or roll for the general services district.
Acts 1973, ch 226, § 6; T.C.A., § 67-626; Acts 2008, ch. 971, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 8 - CLASSIFICATION AND ASSESSMENT - REAL PROPERTY (§§ 67-5-801 — 67-5-809) › Section 67-5-809 - Mineral interests - Back assessments - Location

(a)
The collector of taxes shall place a back assessment against the mineral interest pursuant to §
67-1-1005
, if the tax collector determines that the mineral interest property has previously escaped taxation. If the collector of taxes has not previously provided notice to the owner of a dormant mineral interest of the assessment of taxes on such interest, then there shall be no back assessment of taxes, but the owner of the mineral interest shall be liable for taxes accruing after July 1, 1987, as otherwise provided by law.
(b)
Failure of the mineral interest owner to register a mineral interest with the property assessor within three (3) years of July 1, 1987, shall subject the property to back assessment or reassessment pursuant to chapter 1, part 1 of this title, and to a penalty of twenty-five percent (25%) of the assessment or back assessment of taxes.
(c)
Any mineral interest owner who, although currently paying taxes on a mineral interest assessment, fails to identify the location of that interest as required in §
67-5-804
shall be subject to penalty and interest. A penalty of ten percent (10%) shall be levied on the current assessment of that mineral interest.
(d)
Further, any mineral interest owner failing to identify the location of the mineral interest according to §
67-5-804
shall not claim payment of taxes as a use of mineral interest as provided in title 66, chapter 5.
Acts 1987, ch. 282, §§ 5, 10.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 9 - CLASSIFICATION AND ASSESSMENT - TANGIBLE PERSONAL PROPERTY (§§ 67-5-901 — 67-5-905) › Section 67-5-901 - Classification and rate of assessment - Leased property

(a)
For purposes of taxation, all tangible personal property, except inventories of merchandise held by merchants and businesses for sale and exchange by persons taxable under chapter 4, part 7 of this title, and unused tangible personal property shall be classified according to its use and assessed as follows:
(1)
Public utility property shall be assessed at fifty-five percent (55%) of its value;
(2)
Industrial and commercial property shall be assessed at thirty percent (30%) of its value; and
(3)
(A)
All other tangible personal property shall be assessed at five percent (5%) of its value, except that, for the purpose of taxation under this chapter, all other tangible personal property shall be deemed to have no value;
(B)
All tangible personal property that is not in use shall be classified according to its immediate most suitable economic use, which shall be determined after consideration of the following:
(i)
Immediate past use, if any;
(ii)
Nature of the property;
(iii)
Classification of the real property upon which it is located;
(iv)
Normal use of the property;
(v)
Ownership; and
(vi)
Any other factors relevant to a determination of the immediate most suitable economic use of the property.
(b)
(1)
"Inventories of merchandise held by merchants and businesses for sale and exchange" includes tangible personal property held for lease or rental, but does not include such property in the possession of a lessee. Leased personal property in the possession of the lessee shall be classified and assessed according to the use of the lessee.
(2)
Prosthetic surgical kits, including reusable tools and containers, as well as prosthetics and supplies, shall be considered "inventories of merchandise held by merchants and businesses for sale and exchange" as to the typical stock on hand at the premises of the merchant or business owner, or when held for thirty (30) days or less by a customer for use in surgeries; provided, that proceeds of the transaction are subject to business tax. Kits leased or consigned to the same customer/user for longer than thirty (30) days, with or without a written lease or consignment agreement, shall be considered leased tangible personal property assessable to the customer/user. The typical stock on hand at the premises of the customer/user shall be considered leased tangible personal property unless otherwise documented. Leased or consigned kits otherwise assessable to the customer/user but withdrawn or relocated from the customer/user's premises by the lessor within thirty (30) days may be adjusted by filing of an amended tangible personal property schedule for the year assessed according to the applicable statute, if the basis for the adjustment is documented.
Acts 1973, ch. 226, § 6; 1977, ch. 337, § 2; T.C.A., § 67-616; Acts 1988, ch. 941, §§ 2, 3; 1990, ch. 1075, § 7; 2001, ch. 448, § 1; 2009, ch. 530, § 131.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 9 - CLASSIFICATION AND ASSESSMENT - TANGIBLE PERSONAL PROPERTY (§§ 67-5-901 — 67-5-905) › Section 67-5-902 - Schedules generally

(a)
Unless otherwise provided for, those owners and lessees of taxable tangible personal property who are required by rules and regulations of the state board of equalization to report to the assessor shall report on such schedule as the state board of equalization may require. The schedule adopted by the board shall provide that a value different from standard depreciated cost may be used where such value more closely approximates fair market value, and the assessor may request supportive information in such instances from the taxpayer.
(b)
If a taxpayer would be liable for additional tax due to back assessment of property omitted from a reporting schedule, or due to reassessment of property included in the schedule, the taxpayer may offset this liability by showing that other property listed on the schedule was over reported, or by providing information that the reassessed property or other property listed on the schedule should be valued using a nonstandard method that more closely approximates fair market value.
(c)
With approval of the director of property assessments, the assessor may require electronic filing for tangible personal property schedules and for any year in which electronic filing is required in the county, the filing deadline is extended to April 15, and tangible personal property assessments may be appealed directly to the state board of equalization until forty-five (45) days after the assessment change notice is sent.
Amended by 2014 Tenn. Acts, ch. 938,s 2, eff. 5/19/2014.
Acts 1973, ch. 226, § 6, T.C.A., § 67-617; Acts 1990, ch. 1075, § 3; 2005, ch. 201, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 9 - CLASSIFICATION AND ASSESSMENT - TANGIBLE PERSONAL PROPERTY (§§ 67-5-901 — 67-5-905) › Section 67-5-904 - Schedules - Leased property

(a)
(1)
For the purpose of assessing leased property, it is the further duty of the taxpayer to list fully on a schedule provided by the assessor all tangible personal property that is leased by the taxpayer for the conduct of the taxpayer's business.
(2)
Leased property shall include equipment, machinery and all tangible personal property used in the conduct of, or as a part of, the taxpayer's business, including, but not limited to, the following:
(A)
Equipment that is leased only, not sold;
(B)
Equipment that is leased at nominal rent or loaned under certain circumstances;
(C)
Equipment that is leased and not permitted to be sold;
(D)
Leased coin-operated machines and devices;
(E)
Equipment that is placed on location;
(F)
Vehicles, automobiles, trucks;
(G)
Furniture; and
(H)
Electronic equipment.
(b)
The lessor, or owner of leased tangible personal property, shall provide such information as the assessor may request regarding the location, valuation or use of such property.
Acts 1973, ch. 226, § 6; T.C.A., § 67-621; Acts 1990, ch. 1075, §§ 8, 9.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 9 - CLASSIFICATION AND ASSESSMENT - TANGIBLE PERSONAL PROPERTY (§§ 67-5-901 — 67-5-905) › Section 67-5-905

Subject to § 67-5-904, each item of tangible personal property required to be listed on the schedule as provided by this part is subject to a first lien securing the property taxes, interest, and court costs as may be levied upon the total assessment of tangible personal property.
Added by 2024 Tenn. Acts, ch. 967,s 2, eff. 5/21/2024.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1001 - Short title

Sections
11-14-201
,
11-15-107
,
11-15-108
, and this part shall be known and may be cited as the "Agricultural, Forest and Open Space Land Act of 1976."
Acts 1976, ch. 782, § 1; T.C.A., § 67-650.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1002 - Legislative findings

The general assembly finds that:
(1)
The existence of much agricultural, forest and open space land is threatened by pressure from urbanization, scattered residential and commercial development, and the system of property taxation. This pressure is the result of urban sprawl around urban and metropolitan areas, which also brings about land use conflicts, creates high costs for public services, contributes to increased energy usage, and stimulates land speculation;
(2)
The preservation of open space in or near urban areas contributes to:
(A)
The use, enjoyment and economic value of surrounding residential, commercial, industrial or public use lands;
(B)
The conservation of natural resources, water, air, and wildlife;
(C)
The planning and preservation of land in an open condition for the general welfare;
(D)
A relief from the monotony of continued urban sprawl; and
(E)
An opportunity for the study and enjoyment of natural areas by urban and suburban residents who might not otherwise have access to such amenities;
(3)
Many prime agricultural and forest lands in this state, valuable for producing food and fiber for a hungry world, are being permanently lost for any agricultural purposes and that these lands constitute important economic, physical, social, and esthetic assets to the surrounding lands and to the people of this state;
(4)
Many landowners are being forced by economic pressures to sell such agricultural, forest, or open space land for premature development by the imposition of taxes based, not on the value of the land in its current use, but on its potential for conversion to another use; and
(5)
The findings of subdivisions (1)-(4) must be tempered by the fact that in rural counties an over-abundance of land held by a single landowner that is classified on the tax rolls by this part could have an adverse effect upon the ad valorem tax base of the county, and thereby disrupt needed services provided by the county. To this end, a limit must be placed upon the number of acres that any one (1) owner within a tax jurisdiction can bring within this part.
Acts 1976, ch. 782, § 2; T.C.A., § 67-651; Acts 1984, ch. 685, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1003 - Policy of state

The general assembly declares that it is the policy of this state that:
(1)
The owners of existing open space should have the opportunity for themselves, their heirs and assigns to preserve such land in its existing open condition, if it is their desire to do so, and if any or all of the benefits enumerated in §
67-5-1002
would accrue to the public thereby, and that the taxing or zoning powers of governmental entities in Tennessee should not be used to force unwise, unplanned or premature development of such land;
(2)
The preservation of open space is a public purpose necessary for sound, healthful, and well-planned urban development, that the economic development of urban and suburban areas can be enhanced by the preservation of such open space, and that public funds may be expended by the state or any municipality or county in the state for the purpose of preserving existing open space for one (1) or more of the reasons enumerated in this section; and
(3)
No person may place more than three thousand (3,000) acres of land within any one (1) taxing jurisdiction under this part. For purposes of this maximum limit, ownership shall be attributed among multiple owners as follows: a person shall be deemed to have placed under the provisions of this part that percentage of the total acreage of any parcel classified under this part that equals the percentage of such person's ownership interest in such parcel. If a parcel classified under this part is owned by a trust, partnership, corporation or other artificial entity, a person shall be deemed to have placed under this part that percentage of the total acreage of the parcel that equals the person's percentage interest in the ownership or net earnings of the entity. Further, a parcel owned by an artificial entity shall be aggregated with parcels owned by other artificial entities having fifty percent (50%) or more common ownership or control, and together the parcels may not exceed the maximum acreage provided in this section. To the extent that a parcel of property is owned by a person who is disqualified under this subdivision (3), such property or portion thereof in which such person owns an interest shall be ineligible for classification under this part. If property is disqualified for use value classification solely as the result of these ownership attribution provisions, any rollback assessment due shall be limited to tax savings accruing after April 14, 1992. This subdivision (3) shall not operate to apply the maximum acreage limitation to an agricultural classification that the owner obtained prior to July 1, 1984.
Amended by 2024 Tenn. Acts, ch. 978,s 1, eff. 5/21/2024, app. to tax years beginning on or after January 1, 2025.
Acts 1976, ch. 782, § 3; T.C.A., § 67-652; Acts 1984, ch. 685, § 2; 1992, ch. 661, § 1; 2008 , ch. 1161, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1007 - Classification of open space

(a)
(1)
The planning commission, in preparing a land use or comprehensive plan for the municipality or county, may designate upon such plan areas that it recommends for preservation as areas of open space land, other than lands currently in agricultural and forestry uses.
(2)
Land included in any area so designated upon such plan as finally adopted may be classified as open space land for purposes of property taxation, if there has been no change in the use of such area that has adversely affected its essential character as an area of open space land between the date of the adoption of such plan and the date of such classification.
(b)
(1)
Any owner of land may apply for its classification as open space land by filing a written application with the assessor of property. The application must be filed by March 15. Reapplication thereafter is not required so long as the ownership as of the assessment date remains unchanged. Property that qualified as open space land the year before under different ownership is disqualified if the new owner does not timely apply. The assessor shall send a notice of disqualification to these owners, but shall accept a late application if filed within thirty (30) days of the notice of disqualification and accompanied by a late application fee of fifty dollars ($50.00).
(2)
Such assessor shall determine whether there has been any change in the area designated as an area of open space land upon the plan of such municipality or county and, if the assessor determines that there has been no such change, the assessor shall classify such land as open space land and include it as such upon the tax rolls of the county.
(3)
An application for classification of land as open space land shall be made upon a form prescribed by the state board of equalization and shall set forth a description of the land, a general description of the use to which it is being put, and such other information as the assessor may require to aid the assessor in determining whether such land qualifies for such classification.
(c)
Any person aggrieved by the denial by an assessor of any application for the classification of land as open space land shall have the same rights and remedies for appeal and relief as are provided in the general statutes for taxpayers claiming to be aggrieved by the actions of assessors or boards of equalization.
Amended by 2021 Tenn. Acts, ch. 383, s 3, eff. 5/11/2021.
Acts 1976, ch. 782, § 7; T.C.A., § 67-656; Acts 1989, ch. 56, § 3; 1999, ch. 141, § 5; 2000, ch. 599, § 2; 2001, ch. 152, § 3; 2008 , ch. 1161, § 4.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1010 - Noncompliance by assessor

In the event that any assessor of property fails to properly carry out the assessor of property's duties in accordance with this part, all compensation to such assessor shall be discontinued pursuant to §
67-5-305
.
Acts 1982, ch. 818, § 2; T.C.A., § 67-659; Acts 2008, ch. 971, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1011 - Land classified prior to July 1, 1984 - Classification change in certain counties

In counties having a population according to the 1980 federal census or any subsequent federal census of not less than thirteen thousand nine hundred (13,900) nor more than fourteen thousand (14,000), §§
67-5-1002(5)
,
67-5-1003(3)
, and
67-5-1004(7)
, concerning the maximum limit of acreage available for any one (1) owner under this part, shall operate to change the classification of any land which has been classified under this part prior to July 1, 1984.
Acts 1987, ch. 207, § 1.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 10 - CLASSIFICATION AND ASSESSMENT - AGRICULTURAL, FOREST AND OPEN SPACE LAND ACT OF 1976 (§§ 67-5-1001 — 67-5-1012) › Section 67-5-1012 - Change in classification of land - Referendum

(a)
In counties having a population according to the 1980 federal census or any subsequent federal census of not less than fourteen thousand nine hundred (14,900) nor more than fourteen thousand nine hundred twenty-five (14,925), §§
67-5-1002(5)
,
67-5-1003(3)
and
67-5-1004(7)
, concerning the maximum limit of acreage available for any one (1) owner under this part, shall operate to change the classification of any land which has been classified under this part prior to July 1, 1984.
(b)
This section shall have no effect unless it is approved by a two-thirds (2/3) vote of the county legislative body of any county to which it may apply. Its approval or nonapproval shall be proclaimed by the presiding officer of the county legislative body and certified by the presiding officer to the secretary of state.
Acts 1985, ch. 199, §§ 1, 3; T.C.A., §
67-5-1050
.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1201 - Property and stock taxable

The corporate property and capital stock employed in Tennessee of every insurance company whose principal office is located in the state shall be taxed according to its value, that value to be ascertained as provided in this part.
Acts 1968, ch. 431, § 1; T.C.A., § 67-729.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1202 - Place of assessment

The corporate property and capital stock referred to in §
67-5-1201
shall be assessed at the following places:
(1)
The real property and tangible personal property shall be assessed and taxed where situated; and
(2)
The balance of such corporate property and capital stock shall be assessed and taxed in the county or civil district in which the principal office of such company is maintained.
Acts 1968, ch. 431, § 2; T.C.A., § 67-730.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1204 - New insurance companies - Application

(a)
During the first fifteen (15) full years an insurance company is in business, its apportionment ratio, determined in accordance with §
67-5-1203(b)(2)
, shall be reduced proportionately at the rate of one-fifteenth (1/15) for each full year that fifteen (15) exceeds the number of full years it has been in business.
(b)
The period of fifteen (15) full years shall be measured from the earliest date the company, or any predecessor insurance company of which the company is the continuing corporation, was authorized and qualified to do insurance business subject to the maximum fifteen (15) years of reduced assessments as set forth in subsection (c).
(c)
This section shall not apply to any insurance company formed as a successor in interest to any insurance company that has already received a reduction in its apportionment ratio for the entirety of the fifteen (15) years permitted pursuant to subsection (a); provided, however, that any insurance company formed as a successor in interest in the year 2006 shall be entitled to receive the reduction to its apportionment ratio provided in subsection (a) during the first five (5) full years of its existence to the same extent as a new insurance company not formed as a successor in interest.
Acts 1968, ch. 431, § 4; T.C.A., § 67-732; Acts 2009 , ch. 361, §§ 1, 2.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1205 - Elements included in valuation of stock

(a)
The value of the corporate property and capital stock of each company subject to this part shall be construed as including all the tangible and intangible value of such company.
(b)
The assessment and taxation of such corporate property and capital stock under this part shall be in lieu of the taxation of the income derived from such corporate property and capital stock and of the assessment and taxation of the shares of stock of such company as the personal property of its stockholders.
(c)
No person shall be taxed on the income derived from any stock which constitutes a part of the capital stock of any insurance company which is itself subject to this part or which has a wholly-owned subsidiary which is subject to this part.
Acts 1968, ch. 431, § 5; T.C.A., § 67-733.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1207 - Minimum assessment

In no event shall the assessment of the balance of the corporate property and capital stock of any company under §
67-5-1203(b)
, in any year up to and including the year 1980, be less than the assessment of the shares of stock of such company for the year 1967, under this part, or, in the case of a corporation which is the continuing corporation resulting from a merger or consolidation, less than the aggregate assessment of the shares of stock of all its predecessor corporations for the year 1967, under this part.
Acts 1968, ch. 431, § 7; T.C.A., § 67-735.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1208 - Nonseverability

If any provision of this part and the 1968 amendments to [former] §
67-5-1101
[repealed] and §
67-2-104
or the application thereof to any person or circumstance is held invalid, such provision shall not be severable from this part and the 1968 amendments to [former] §
67-5-1101
[repealed] and §
67-2-104
and the whole of such provisions shall fail and be inoperative.
Acts 1968, ch. 431, § 9; T.C.A., § 67-736.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 12 - CLASSIFICATION AND ASSESSMENT - INSURANCE COMPANIES (§§ 67-5-1201 — 67-5-1209) › Section 67-5-1209 - Application of part to pure captive insurance company

The tax levied by this part shall not apply to the balance of the corporate property and capital stock, otherwise subject to valuation and assessment under §§
67-5-1202(2)
and
67-5-1203(b)
, of any pure captive insurance company, as defined in §
56-13-102
or of any entity operating in a similar manner to a pure captive insurance company such that fifty-one percent (51%) or more of its direct written premium revenue is from an affiliated company, as defined in §
56-13-102
, or an associated company, as defined in §
56-13-102
.
Acts 2008, ch. 1106, § 59.
2023 Tennessee Code › Title 67 - TAXES AND LICENSES (§§ 67-1-101 — 67-10-107) › Chapter 5 - PROPERTY TAXES (§§ 67-5-101 — 67-5-2803) › Part 13 - CLASSIFICATION AND ASSESSMENT - UTILITIES AND CARRIERS (§§ 67-5-1301 — 67-5-1333) › Section 67-5-1303 - Schedules generally

(a)
It is the duty of the owners of property mentioned in §
67-5-1301
, within the state, to annually file with the comptroller of the treasury on or before April 1, under oath, schedules and statements giving the following information concerning all properties owned or leased by such owners:
(1)
The name of the company, its nature, whether a person, association, copartnership, corporation, or syndicate, and the state or country under whose laws it is organized;
(2)
The location of its principal place of business, the post office address of the president, general manager, or executive officer or officers;
(3)
The name and post office address of the chief officer or managing agent of the company in Tennessee;
(4)
The gross revenue and net operating income of its business as a whole and of its business done within the state, and operating expenses for the preceding fiscal year;
(5)
The total capital stock, number of shares issued or outstanding, the par face value thereof, and in case no shares of stock are issued, in what manner its capital is divided and holdings evidenced;
(6)
The market value and average market value of the shares of stock on January 1 next preceding, or if the stock or capital have no market value, then the actual value;
(7)
The real estate, buildings, machinery, fixtures, appliances, and personal property owned or leased by the company which is actually located within this state, the actual cost and value thereof and the counties and municipalities in which the same are located;
(8)
Real estate, together with the permanent improvements thereon, situated inside of the state and not directly used in the conduct of the business within the state, the purpose for which it is used, its value and the sum at which it is assessed for taxation in the locality where situated;
(9)
The bonded indebtedness and the market value thereof, if it has such, otherwise its actual value; and
(10)
The class and use of all nonoperating property and the value thereof, and the counties and municipalities in which same is located.
(b)
In addition to the foregoing information to be given by each owner of property assessable under this chapter, the statement shall contain information as set out in §§
67-5-1304
- 67-5-1315 and other information as determined by the comptroller of the treasury.
Acts 1973, ch. 226, § 11; T.C.A., § 67-903; Acts 1995, ch. 305, § 125.