HB0894 - Tennessee - Taxes, Real Property

Companion Bill SB1872. Taxes, Real Property - Revises provisions governing classification pursuant to the Agricultural, Forest and Open Spaces Land Act. - Amends TCA Title 11, Chapter 14, Part 2; Title 11, Chapter 15, Part 1 and Title 67, Chapter 5, Part 10. Fiscal Summary for *HB0894 / SB1872 MINIMAL Bill Summary for *HB0894 / SB1872 ON JUNE 4, 2007, THE SENATE ADOPTED AMENDMENT #2 AND PASSED SENATE BILL 1872, AS AMENDED. AMENDMENT #2 rewrites this bill. Under present law, where an open space easement has been executed and recorded for the benefit of a local government or as a protective easement, the assessor of property must thereafter assess the value and classification of such land, and taxes must be computed and recorded each year both on the basis of: (1) Farm classification and value in its existing use under the Agricultural,[...]

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