House Bill 319 amends the definition of "residential property" in Tennessee Code Annotated, Section 67-5-501(11). The bill removes the previous definition, which limited residential property to real property used for dwelling purposes with no more than one rental unit. It replaces this with a broader definition that includes 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.

The bill is set to take effect upon becoming law, emphasizing the public welfare. This change aims to clarify and expand the classification of residential properties for assessment purposes in Tennessee.

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