Senate Bill 2383, also known as House Bill 2325, amends the Tennessee Code Annotated regarding property tax rates. The bill establishes that the county legislative body can set a property tax rate not exceeding three dollars ($3.00) per hundred dollars of assessed value. Additionally, it specifies that municipalities cannot set their tax rates above two dollars and fifty cents ($2.50) per hundred dollars of assessed value.

Furthermore, the bill introduces a provision that reinforces these limits by stating that neither counties nor municipalities can set tax rates that exceed the specified amounts in the amended sections. The changes will take effect on January 1, 2027, ensuring compliance with the new regulations.

Statutes affected:
Introduced: 67-5-102(a)(2), 67-5-102, 67-5-103(a), 67-5-103, 67-5-1702