Tennessee Authorizes Certain Local Property Tax Refund Credits

The Tennessee Governor signed a law that includes: 1) authorizing a county or municipality that levies a property tax to refund property taxes owed to a taxpayer through annual installments applied as credits against the taxpayer’s future property taxes; 2) providing that the authorization is only permitted if certain criteria are met, including that a written agreement be entered into, and that the authorization only applies for refunds greater than $500,000; and 3) providing that the authorization is repealed and sunsets on June 30, 2041. The law took effect on May 22. [S.B. 198, enacted 05/22/26]

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