SB3951 - Tennessee - Agriculture, Forest And Forest Products, Taxes, Real Property

Companion Bill HB3871. Taxes, Real Property - Revises various provisions under the Agricultural, Forest and Open Space Land Act; requires aggregation of parcels owned by artificial entities that have at least 50 percent common ownership; authorizes late filing of applications for classification of land; makes other changes. - Amends TCA Title 67, Chapter 5, Part 10. Fiscal Summary for SB3951 / *HB3871 Increase Local Revenue - Not Significant Bill Summary for SB3951 / *HB3871 The Agricultural, Forest and Open Space Land Act provides reduced property taxes for land classified as agricultural, forest, or open space land. Present law provides that no person may place more than 1,500 acres of land within any one taxing jurisdiction for purposes of the Act. This bill provides that for purposes of determining the maximum acreage limit, a parcel will [...]

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