Senate Bill 1824 amends various sections of the Tennessee Code Annotated concerning rollback taxes related to agricultural, forest, or open space land. Key changes include the removal of specific conditions under which land would be disqualified from its exempt status, specifically eliminating the provision regarding conveyance or transfer of land that would affect its exempt status. Additionally, the bill clarifies the personal responsibility of the landowner in relation to the application process and modifies the conditions under which rollback taxes apply, particularly in relation to the sale of such land.

Furthermore, the bill establishes that the sale of agricultural, forest, or open space land will lead to disqualification from its classification, but it stipulates that buyers must submit a new application to renew this classification without incurring liability for rollback taxes due to the sale and disqualification. The act is set to take effect on July 1, 2026, and will apply to property transactions occurring on or after that date.

Statutes affected:
Introduced: 67-5-1008(d)(1), 67-5-1008, 67-5-1008(d)(3), 67-5-1008(e)(3), 67-5-1008(f)