Tennessee assesses residential and farm property at 25 percent of appraised value, and commercial or industrial property at 40 percent, then multiplies by the local tax rate.
Appeal a Tennessee assessment first to the county board of equalization. A State Board appeal is due by August 1 or 45 days after the county notice, whichever is later.
Tennessee property tax relief is a reimbursement, not an exemption. Qualifying owners still pay the bill, then apply through the county trustee or city collector.
Tennessee's realty transfer tax is $0.37 per $100 of the purchase price. The mortgage recordation tax is $0.115 per $100, with the first $2,000 of debt exempt.
Tennessee requires a residential property disclosure or a waived disclaimer before the contract is accepted. Missing the form alone does not let the buyer cancel.
THDA Great Choice Plus can add a second loan for down payment or closing costs, including deferred amounts up to $6,000 or $10,000 and an amortizing option up to $15,000.