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. It replaces this with a new provision allowing such corrections to be made up to ten years after the tax year for which the correction is sought.

This change aims to provide taxpayers and assessors with a longer timeframe to address and correct property tax assessments, thereby enhancing fairness and accuracy in property taxation. The act will take effect upon becoming law and will apply to assessments for the 2016 tax year and subsequent years.

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