Tenn. Comp. R. & Regs. 0600-09-.10 - BASE TAX AMOUNT DETERMINATION

(1) The collecting official shall furnish each applicant's name, property address and parcel identification to the assessor of property on or before the fifteenth (15) day after the deadline date for filing the application or reapplication. Within sixty (60) days after the deadline date the assessor shall certify the base assessment for each applicant. Nothing herein shall prevent the collecting official and assessor from exchanging information prior to these deadlines.

(2) The tax rate for the year for which the base assessment is determined shall be applied to the base assessment to determine the base tax.

(3) The base tax shall be adjusted when an improvement is made to the structures or land designated a part of the property in determining the base assessment. Such adjustment shall be determined by the assessor of property in accordance with procedures developed by the Division.

(4) The base tax or adjusted base tax shall be used on the tax roll.

(5) The base assessment and base tax shall be redetermined when the property is transferred to a new qualifying owner and shall be subject to the application of the new owner. The base assessment and base tax of the new owner shall be determined as of the tax year for which the new owner establishes eligibility.

Notes

Tenn. Comp. R. & Regs. 0600-09-.10

Original rule filed November 13, 2007; effective January 27, 2008.

Authority: Public Chapter 581, Acts of 2007, T.C.A. § 67-5-705.