Tenn. Comp. R. & Regs. 0600-03-.08 - INCOME REQUIREMENT

(1) A taxpayer, in order to satisfy the income requirement, must not receive a yearly income in excess of the statutory limit. The yearly income will be the total combined income of all property owners for the calendar year prior to the tax year for which property tax relief is requested. ALL income must be included.

(2) The annual income declared by the taxpayer is subject to audit control which will include, but is not limited to, comparison of the income amount to social security benefits received for the prior year. The collecting official must place emphasis on the declaration of ALL income.

(3) Annual income from all sources shall include, but is not limited to, social security payments after the Medicare deduction, social security disability after the Medicare deduction, supplemental security income, retirement and pension benefits after deduction of healthcare insurance premiums, veteran's benefits, worker's compensation, unemployment compensation, salaries and wages, alimony, total interest and total dividends. For income from a business, farm, rental property, estate settlement, sale of securities, or other comparable source, include only the net income or loss after expenses. Documentation of the loss must be provided with the application. Gain or loss from the sale of a principal residence, Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program, child support, and U.S. Department of Veterans Affairs Aid and Attendance shall not be considered income. Except as otherwise provided by statute or these rules, determinations regarding the income of an applicant or owners of property shall be guided by the federal income tax requirements for determining income. When determining the income using a tax return, the adjusted gross income amount is used. This amount is added to any income sources specified above which may not be taxable by IRS standards.

(4) Social Security, Railroad Retirement benefits, and U.S. Department of Veterans Affairs benefits that are required to be paid to a nursing home for the care of the taxpayer's spouse, or co-owner(s), shall not be considered as income.

Notes

Tenn. Comp. R. & Regs. 0600-03-.08

Original rule filed February 12, 1982; effective April 1, 1982. Repeal and new rule filed October 14, 1983; effective November 14, 1983. Amendment filed December 1, 1986; effective January 15, 1987. Amendment filed December 30, 1988; effective February 13, 1989. Amendment filed June 16, 1995; effective August 30, 1995. Amendment filed May 11, 2009; effective July 25, 2009. Amendments filed July 5, 2017; effective 10/3/2017.

Authority: Tennessee Constitution Article II, T.C.A. §§ 4-3-5103 and 67-5-701 through 67-5-704.