Tennessee § 7-64-102 - Limitations on property eligible for deferral. [For contingent amendment, see the Compiler's Notes.]

§ 7-64-102. Limitations on property eligible for deferral. [For contingent amendment, see the Compiler's Notes.]

In the event the taxpayer's principal residence is on a farm or a parcel of land greater than one (1) acre, the tax deferral granted by this part shall only apply to the principal residence and no more than one (1) acre of land. [For contingent amendment, see the Compiler's Notes.] The tax deferral granted by this part shall apply to no more than sixty thousand dollars ($60,000) of the appraised fair market value, as determined from the records of the county assessor of property. Acts 1980, ch. 831, § 1; 1998, ch. 803, § 2; 2008, ch. 971, § 1. Compiler's Notes. Acts 1998, ch. 803, § 2 amended this section by deleting subsection (b). However, as provided in § 5 of that act, the amendment shall have no effect unless approved by a two-thirds (2/3) vote of the governing body of any county or municipality to which it may apply. Approval or nonapproval shall be proclaimed by the presiding officer of the governing body and so certified to the secretary of state. Acts 2008, ch. 971, § 1 provided that the code commission is directed to change all references to “tax assessor”, wherever such references appear, to “assessor of property”, as such sections are amended or volumes are replaced. See § 1-1-116 .