Senate Bill 2416 amends Tennessee Code Annotated, Section 67-5-502(d), regarding the assessment of property taxes on mineral interests and other real property interests. The bill introduces new provisions that specify how these interests are assessed separately from the general freehold interests in real estate. Specifically, it states that if a lessee's interest is subject to a lawful agreement for payments in lieu of taxes, or if the lessee is a corporate instrumentality of a housing authority and the improvements are used for promoting affordable housing, the property will be assessed solely to the governmental entity involved, rather than to the lessee.

The bill deletes the existing subsection (d) and replaces it with the new language that clarifies the conditions under which certain property interests are assessed. This change aims to streamline the assessment process and ensure that properties associated with affordable housing initiatives are treated favorably in terms of taxation. The act is set to take effect upon becoming law, emphasizing its importance for public welfare.

Statutes affected:
Introduced: 67-5-502(d), 67-5-502