Tennessee § 67-5-605 - Assessment of leasehold.
Full text of Tennessee Tennessee Code Annotated § 67-5-605 — Assessment of leasehold., with citation guidance and answers to common questions.
§ 67-5-605. Assessment of leasehold.
Leasehold interests assessable under § 67-5-502 shall be valued by discounting to present value the excess, if any, of fair market rent over actual and imputed rent for the leased premises, for the projected term of the lease, including renewal options. As an alternative in valuing an interest in residential property, the interests assessable under § 67-5-502 (d) may be valued by the sales comparison approach using sales or transfers of similar interests in residential property. By virtue of the speculative nature of valuation of options to purchase, any option that the lessee may be given to purchase the leased premises shall be deemed to have no value. The state board of equalization is authorized to promulgate rules governing the procedure for these valuations. Acts 1995, ch. 373, § 1; 2008, ch. 802, § 1. Compiler's Notes. Acts 1995, ch. 373, § 2 provided that this section shall not affect rights or duties that matured, liabilities or penalties that were incurred, or proceedings begun before January 1, 1996.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 67-5-605
What does Tennessee Code Annotated § 67-5-605 cover?
Section 67-5-605 ("Assessment of leasehold.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 67-5-605?
A common citation format is "Tennessee Code Annotated § 67-5-605" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 67-5-605 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.