HB 726

ON APRIL 21, 2025, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 726, AS AMENDED. AMENDMENT #1 rewrites this bill to extend from January 28, 2025, to April 15, 2025, the date by which an assessor must have determined that property was destroyed or damaged by a qualified disaster in order for the owner to be eligible for a direct payment from the comptroller of the treasury. Present law authorizes the state board of equalization to approve a reappraisal plan specifying a schedule for continuous on-site review or photo review that is different than the standard schedule, but that is no longer than four years. The board shall consider a plan submitted by an assessor which would have the effect of maintaining real property values at full value as defined by law on a schedule at least as frequent as the general schedule , and if the board finds the plan would ach ieve this effect, the plan must be implemented in lieu of indexing. This amendment changes present law by authorizing such an alternate plan to be implemented with or without, rather than in lieu of, indexing. This amendment also deletes a present law r equirement that t he division of property assessments supervise and direct all reappraisals and revaluation programs, to the cost of which the state of Tennessee contributes.