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SB 2416

Taxes, Real Property - As introduced, adds an exception to the requirement that mineral and other interests in real property are assessed to the owner of the real property. - Amends TCA Title 67, Chapter 5.

114th Regular Session (2025-2026) Introduced by Todd Gardenhire

SB 2416 creates a tax assessment exception for certain mineral interests in Tennessee real property, shifting tax obligations away from current assessment requirements.

Passed Senate, Ayes 33, Nays 0
#realproperty #taxes
0
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Bill Summary · SB 2416

Legislative bill overview

SB 2416 modifies Tennessee's property tax assessment requirements by creating an exception to the rule that mineral and other subsurface interests in real property must be assessed to their owner. The bill amends the state's tax code (TCA Title 67, Chapter 5) but the specific nature of the exception is not detailed in the available summary.

Why is this important

Property tax assessment rules directly affect who pays taxes on valuable subsurface resources like minerals, oil, and gas. Changes to these rules can shift tax burdens between landowners, mineral rights holders, and development companies, impacting state revenue and individual taxpayers' obligations.

Potential points of contention

  • Unclear scope: The bill summary doesn't specify which mineral interests or properties qualify for the exception, making it difficult to assess who benefits and who bears additional burden
  • Revenue implications: Exempting certain mineral interests from assessment could reduce tax revenue unless offset elsewhere, or it could address unfair double-taxation depending on the exception's design
  • Fairness concerns: The exception may favor certain property owners or mineral extraction industries over others, raising questions about equitable tax treatment across the state

Compiled from official sources — confirm details with the bill’s official record.

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