HB0792 - Tennessee - Eminent Domain

Companion Bill SB0684. Eminent Domain - Limits authority of governmental entities to transfer to a private entity blighted property taken by condemnation. - Amends TCA Title 12 and Title 29. Fiscal Summary for HB0792 / *SB0684 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 would no longer take place. The property [...]

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