House Bill 699, also known as Senate Bill 949, amends Tennessee Code Annotated, Title 67, Chapter 5, regarding the correction of property tax assessments. The bill modifies Section 67-5-509(d) by deleting the existing requirement that corrections must be requested by the taxpayer or initiated by the assessor prior to March 1, no more than the second year following the tax year in question. This is replaced with a new provision allowing for corrections to be requested or initiated up to ten years after the tax year for which the correction is sought.

The act is set to take effect upon becoming law and will apply to property tax assessments for the 2016 tax year and subsequent years. This change aims to provide taxpayers and assessors with a longer timeframe to address and correct property tax assessments, potentially leading to more accurate tax records and fairer tax obligations.

Statutes affected:
Introduced: 67-5-509(d), 67-5-509