The high value of properties in Tennessee resulted from growth. It has created more home equity for many property owners. At the same time it has created challenges for seniors with limited income when it time for property reappraisals come. To solve these problems twenty three counties and thirty cities in Tennessee have enacted tax freeze and tax relief programs for properties. These programs will ensure seniors with low income able to live to age even if their property in location with high values in property values.
Let`s consider tax relief for seniors. In Tennessee, under the Property Tax Relief Program low-income elderly homeowners, disabled people and veterans with disabilities, and their surviving spouses are provided property tax relief. State of Tennessee provides property tax relief payment for the homeowners who qualify for the mentioned program.
For property tax relief you have to:
Please note, if you for treatment reasons in hospital or friends, family home, you may still get tax relief, as long as you aim to return at home, your primary residence. So if you will be away from permanent residence, you have to notify the collecting official of any address changes or expected absences.
So, if you qualified for getting tax relief, then the reimbursement will depend on your county and property assessment.
Property tax relief program for seniors and disabled veterans is state program, financed by appropriations from General Assembly. Application is received by tax collecting officials, including county trustees. Received applications processed and determined eligibility to the program by the Tax Relief section. Approximately, more than 100,000 individuals getting benefits from this $41,000,000 plus program yearly. The tax credit program was launched in 1973 as a result of the 1972 constitutional amendment to question 3.
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