House Bill 319, sponsored by Rudd, amends the definition of "residential property" in Tennessee Code Annotated, Section 67-5-501(11). The bill removes the previous definition, which stated that residential property includes all real property used for dwelling purposes with no more than one rental unit. It replaces this with a broader definition that specifies residential property as any real property used for dwelling purposes that can be sold and purchased as a single unit fee simple title, regardless of whether it is vacant, owner-occupied, rented, or detached or attached, while still maintaining the limit of one rental unit.

This change aims to clarify the classification of residential properties for assessment purposes, potentially impacting property tax assessments and regulations. The bill is set to take effect upon becoming law, emphasizing the importance of the public welfare in its implementation.

Statutes affected:
Introduced: 67-5-501(11), 67-5-501