House Bill 319 amends the definition of "residential property" in Tennessee Code Annotated, Section 67-5-501(11). The bill removes the previous language that defined residential property as real property used for dwelling purposes with a maximum of one rental unit. It replaces this definition with a broader description 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.

This change aims to clarify the classification of residential properties for assessment purposes, potentially impacting property owners and the real estate market in Tennessee. 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