Tennessee § 7-64-203 - Determining income limitation. [For contingent amendment, see the Compiler's Notes.]

§ 7-64-203. Determining income limitation. [For contingent amendment, see the Compiler's Notes.]

Any taxpayer who owns residential property as such taxpayer's principal place of residence, whose combined annual income from all sources is less than twelve thousand dollars ($12,000), or in the event of a married couple or in the event more than one (1) person is living permanently in the principal residence, this limitation of twelve thousand dollars ($12,000) on income from all sources shall apply to the combined income of both the husband and wife and/or all family members residing in the residence. Acts 1980, ch. 659, § 3; 1998, ch. 802, § 2. Compiler's Notes. Acts 1998, ch. 802, § 2 amended this section by substituting “twenty-five thousand dollars ($25,000)” for “twelve thousand dollars ($12,000)” in two places. However, as provided in § 6 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.