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HB 753

Taxes, Real Property - As introduced, establishes the process for property tax assessment and valuation of multi-unit rental housing that receives a federal, state, or local incentive based on low-income renter restrictions. - Amends TCA Title 7; Title 13; Title 48; Title 49; Title 67 and Title 68.

114th Regular Session (2025-2026) Introduced by Jeremy Faison

Creates property tax assessment rules for federally/state-incentivized affordable rental housing, potentially reducing tax obligations for properties serving low-income renters.

Rec. for pass; ref to Calendar & Rules Committee
#realproperty #taxes
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Bill Summary · HB 753

Legislative bill overview

HB 753 establishes a new property tax assessment framework specifically for multi-unit rental housing that receives federal, state, or local incentives tied to maintaining affordable rents for low-income tenants. The bill modifies Tennessee's tax code across multiple titles to create standardized valuation processes for these subsidized affordable housing properties.

Why is this important

Property tax assessment directly impacts the financial viability of affordable housing developments, which are increasingly scarce in many Tennessee communities. How these properties are valued affects both housing developer profitability and local government tax revenue, making this a central policy lever for affordable housing sustainability.

Potential points of contention

  • Tax base erosion concerns: Local governments may worry that favorable assessment formulas for incentivized properties reduce tax revenue that funds schools, infrastructure, and services in those communities
  • Definition and eligibility scope: Unclear which incentive programs qualify and how "low-income renter restrictions" are defined could create uneven application across the state or opportunities for unintended benefits
  • Assessment methodology disputes: Disagreement over whether incentivized properties should be valued based on restricted-use income potential versus fair market value, affecting both developers' returns and tax fairness

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

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