HB1242 - Tennessee - Eminent Domain

Companion Bill SB0707. Eminent Domain - Rewrites provisions regarding the procedures and use of eminent domain. - Amends TCA Title 5; Title 6; Title 7; Title 11; Title 12; Title 13; Title 29; Title 43; Title 64; Title 65; Title 68; Title 69 and Title 70. Fiscal Summary for HB1242 / *SB0707Increase State Expenditures - Exceeds $1,000,000 Increase Local Govt. Expenditures* - Exceeds $1,000,000 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 take 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 [...]

show full description