Tennessee Governor Signs Law Increasing Homestead Exemption Amount

The Tennessee Governor May 4 signed a law relating to homestead exemptions for property tax purposes. The law includes measures increasing to $35,000 from $5,000: 1) the aggregate allowable value of a homestead exemption; 2) the homestead exemption claimed on insurance proceeds from destruction of a homestead by fire; and 3) the value of real estate sold when it can’t be divided to set apart a qualifying homestead, subject to conditions. The law also includes a measure increasing the allowable homestead exemption value to $52,000 from $7,500 for individuals that jointly own a homestead property. The law takes effect Jan. ...