Tenn. Comp. R. & Regs. 0600-13-.04

Current through December 18, 2024

Section 0600-13-.04 - OVERVIEW

These standards provide the administrative framework for setting property tax rates including certified and equalized tax rates. Included are definitions, property tax rate calculation procedures beginning with certifying the tax rate, information on various rates (levies), guidelines for increasing taxes, and procedures for final approval of the rates.

In order for a rate to be finalized, the following procedure must be followed:

(1) Certified tax rate:

(a) Assessor of property reviews calculation.

(b) After assessor review, calculation is forwarded to the chief executive of the Jurisdiction and/or SSD for approval and signature.

(c) After calculation is signed by chief executive and assessor of property, the form is returned to the State Board of Equalization.

(2) Equalized tax rate:

(a) Calculation is sent to respective Jurisdiction's chief executive.

(b) Copies of the calculation are sent to the respective assessors of property and finance directors.

(c) After calculation is signed by the chief executive and assessors of property, the form is returned to the State Board of Equalization.

(3) In order for a rate to be finalized, each taxing jurisdiction must first approve a tax rate. If the rate is less than or equal to the rate certified by the State Board of Equalization, no further documentation, other than the signed calculation form, is required by the State Board.

If the tax rate set by the Jurisdiction exceeds the rate certified by the State Board, then the appropriate documents should be submitted to the State Board per T.C.A. § 67-5-1702.

Use of mathematical rounding in rate calculations (rounding up a certified rate) is not permitted under the applicable law.

Once all legal requirements have been met in adopting a certified or equalized tax rate, the State Board of Equalization will concur in the rate and authorize release of tax notices for the respective jurisdiction.

Tenn. Comp. R. & Regs. 0600-13-.04

Original rules filed April 1, 2020; effective 6/30/2020.

Authority: T.C.A. §§ 4-3-5103, 67-1-305, and 67-5-1601.