2018 Tennessee Code
Title 67 - Taxes and Licenses
Chapter 5 - Property Taxes
Part 17 - Certified Tax Rate
§ 67-5-1701. General provisions.

Universal Citation: TN Code § 67-5-1701 (2018)
  • (a)

    • (1) Upon a general reappraisal of property as determined by the state board of equalization, the county assessor of property shall certify to the governing bodies of the county and of each municipality within the county the total assessed value of taxable property within the jurisdiction of each governing body.

    • (2) The assessor shall also furnish each governing body an estimate of the total assessed value of all new construction and improvements not included on the previous assessment roll and the assessed value of deletions from the previous assessment roll.

    • (3) Exclusive of such new construction, improvements and deletions, each governing body, in the event of a general reappraisal as determined by the state board, shall determine and certify a tax rate which will provide the same ad valorem revenue for that jurisdiction as was levied during the previous year.

    • (4) For the purpose of calculating the certified rate, the governing body shall use the taxable value appearing on the roll exclusive of taxable value of properties appearing for the first time on the assessment roll. The governing body may also exclude from the taxable value appearing on the roll:

      • (A) The taxable value of properties subject to tax increment financing provisions adopted by the governing body pursuant to title 13, chapter 20, part 2; and

      • (B) The taxable value of properties within an area for which an economic impact plan has been approved by the governing body pursuant to § 7-53-312 or § 7-53-314.

    • (5) In calculating the certified tax rate, the governing body of the county or municipality may adjust the calculation, according to a method approved by the state board of equalization, to reflect extraordinary assessment changes anticipated from appeals to the state or local boards of equalization. The state board of equalization shall order recapture of an excessive adjustment in the following year if the certified tax rate is found to have been overstated due to overestimation of the appeals adjustment, and in these cases the jurisdiction may exceed the recapture rate only after public hearing.

  • (b)

    • (1) The state board is authorized to establish policies providing a procedure or formula for calculating the certified tax rate.

    • (2) Prior to final determination of the certified tax rate by the governing body, a proposed certified tax rate, including the calculations used to compute the proposed certified tax rate, shall be submitted to the executive secretary of the state board for review in accordance with policies established by the board.

    • (3) The executive secretary shall immediately acknowledge receipt in writing of the proposed certified tax rate and supporting calculations.

    • (4) The executive secretary may report to the governing body the results of such review.

    • (5) After receiving the report of the executive secretary or after fifteen (15) days from the date the proposed certified tax rate and supporting calculations are received by the executive secretary, whichever occurs first, the governing body shall finally determine the proposed certified tax rate, which may be adjusted in accordance with the report, if any, of the executive secretary, as the certified tax rate.

  • (c) This part shall be applicable upon the application of a current value index or other plan approved by the state board for general updating of real property values.

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