State
Tennessee
Year
2017
Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Type
Deferral
Benefit
Those eligible in a jurisdiction that has adopted such a program may apply for a deferral of property taxes above the level imposed when the homeowner became eligible. Deferred taxes are not due or payable until the deferral is terminated. The deferred amount becomes a lien on the property, and 10% interest is charged annually. The deferral shall only apply to the first $50,000 of the appraised fair market value.
How is Benefit Disbursed
Other
Eligible Property Type
Residential
Characteristics of Eligible Property
Eligibility is limited to the applicant's place of residence and up to 1 acre of land.
Eligibility Criteria
Age
Disability
Homeowner
Income Ceiling
Principal Residence
Description of Eligibility Criteria
Those applying must be 65 years older or totally and permanently disabled and the household income may not exceed $12,000. A widow or widower can continue to claim the benefit if their qualifying partner dies as long as they are at least 50 years of age.
Local Option in Adoption of Program
Local government must take action to opt in
Local Option Regarding Program Features
Local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
Record ID
TN103_RR17