HB0708 - Tennessee - Taxes, Real Property

Companion Bill SB0613. Taxes, Real Property - Reduces, from 15 to 10 acres, minimum required to be eligible as agricultural land for greenbelt purposes. - Amends TCA Title 67, Chapter 5, Part 10. Fiscal Summary for HB0708 / *SB0613 Increase State Expenditures - Not Significant Increase Local Govt. Expenditures - Not Significant Decrease Local Govt. Revenues - Exceeds $4,000,000 Bill Summary for HB0708 / *SB0613 Under present law, certain property classified as agricultural, forest, or open space land receives a reduction in property taxes. "Agricultural land" means land that: (1) Constitutes a farm unit engaged in the production or growing of agricultural products OR has been farmed by the owner or the owner's parent or spouse for at least 25 years and is used as the residence of the owner and not used for any purpose inconsistent [...]

show full description