Property Tax Relief in the State of Tennessee

Property Tax Relief In The State of Tennessee

Published On: April 30th, 2018Last Updated: June 17th, 2024Categories: Hard Money, TaxesTags: ,

Let’s talk about the State of Tennessee property tax relief program. Tennessee offers tax relief to certain eligible homeowners for all or part of paid property taxes. The tax relief isn’t an exemption. Homeowners still get a property tax bill and are still responsible for paying property tax each year. The amount of tax relief varies. The amount of tax relief issued by the State of Tennessee depends on the property assessment and the county or city tax rate. It might not be the same every year. Most property investors know, but this tax relief is only available for people’s primary residences. It’s not applicable for investment properties or second homes in the state.

Apply For Property Tax Relief

To apply for tax relief, homeowners can get an application from the local county trustee’s office of the city collecting official’s office. The property relief voucher is sent when the property bill is sent. In order to get relief, the homeowner has to actually present the voucher to the collecting official before the deadline date and pay any balance due on the property.

State of Tennessee Property Tax Freeze Program

Besides for the tax relief program, homeowners in Tennessee that are 65 years old or older by the end of the year might qualify for the Property Tax Freeze Program. This makes the amount of the property tax fixed, even if there is a rate increase! This program is also only for a primary residence, so it can’t be used for one of your investment properties.

Are You Looking for a Hard Money Loan to Flip a House?

Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.