House Bill 319 amends Tennessee Code Annotated, Title 67, Chapter 5, specifically regarding the definition of "residential property." 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. In its place, the new definition expands the criteria to include 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 and broaden the classification of residential properties for assessment purposes, ensuring that various types of dwelling arrangements are recognized under the law. The bill is set to take effect immediately upon becoming law, emphasizing the urgency of the public welfare in this matter.

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