HB0560 - Tennessee - Eminent Domain, Local Government, General

Companion Bill SB0167. Eminent Domain - Requires county and municipal legislative bodies to approve the exercise of eminent domain by two-thirds vote prior to any property being condemned and taken by such bodies. - Amends TCA Title 29. Fiscal Summary for HB0560 / *SB0167 Other Fiscal Impact - Changes in property tax collections could occur as a result of this bill. Currently, if an entity acquires property through the power of eminent domain, there may be a change in tax status as the property changes from a taxable parcel to a tax exempt parcel. If the taken parcel is subsequently leased to a private entity, in-lieu of tax payments may be negotiated with the private entity. The amount of such payments can vary according to individually negotiated circumstances and may differ from the amount of tax collected prior to the government taking. Under this bill, such transactions [...]

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