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2017 Tennessee Code
Title 67 - Taxes and Licenses
Chapter 5 - Property Taxes
Part 6 - Classification and Assessment -- Valuation
§ 67-5-606. Proration of commercial and industrial property damaged by disaster.
Universal Citation: TN Code § 67-5-606 (2017)
- (a) If, after January 1 and before September 1 of any year, commercial and industrial tangible personal property is destroyed, demolished or substantially damaged by fire, flood, wind or any disaster certified by the federal emergency management agency (FEMA), and is not restored and no commercial and industrial tangible personal property is operated in its place before September 1 of that year, the assessor of property shall prorate the assessment of the commercial and industrial tangible personal property for the portion of the year prior to the date of such destruction, demolition or substantial damage.
- (b) The state, county, or municipal tax collector shall collect taxes on the basis of the revised or corrected assessment as prorated by the assessor.
[Repealed effective December 31, 2017.]
- (c) If, on or after September 1, 2016, and before December 31, 2016, commercial and industrial tangible personal property was demolished or destroyed, or fifty percent (50%) or more damaged by fire, wind, or any other disaster certified by the federal emergency management agency (FEMA), the annual assessment of the qualifying personal property in a FEMA certified county shall be prorated for tax year 2016 in the manner provided in subsection (a), for the actual time the qualifying personal property is not replaced or restored, or the actual time the qualifying personal property is fifty percent (50%) or more damaged, regardless of whether the qualifying personal property is restored or replaced by December 31, 2016; provided, that the total time the qualifying personal property is not replaced or restored exceeds thirty (30) days. The owner must apply for this relief to the assessor by June 30, 2017, using a form approved by the director of the state division of property assessments. If the tax computed for tax year 2016 has been paid prior to the proration by the assessor, the county or municipality shall refund to the owner that portion of the tax paid that resulted from the revised assessment. The owner must provide the assessor a listing of the destroyed, demolished, or fifty percent (50%) or more damaged personal property for which the proration is sought. This subsection (c) shall be effective retroactively to January 1, 2016, but shall not take effect as to any particular county or municipality unless approved by two-thirds (2/3) vote of its governing body. This subsection (c) is deleted on December 31, 2017.
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