House Bill 2325 and Senate Bill 2383 propose amendments to the Tennessee Code Annotated regarding property tax rates. The bill modifies Section 67-5-102(a)(2) by deleting the existing language and establishing that the county legislative body can set a tax rate not exceeding three dollars ($3.00) per hundred dollars of assessed value. Additionally, it amends Section 67-5-103(a) by designating the current language as subdivision (1) and adding a new subdivision (2), which prohibits municipalities from setting a tax rate higher than two dollars and fifty cents ($2.50) per hundred dollars of assessed value.

Furthermore, the bill amends Section 67-5-1702 by designating the existing language as subsection (a) and adding a new subsection (b) that reinforces the tax rate limitations established in Sections 67-5-102(a)(2) and 67-5-103(a)(2). The act is set to take effect on January 1, 2027, ensuring that the public welfare is prioritized.

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