Tennessee Code 67-4-2908 – Tax based on the floor area of residential development
Terms Used In Tennessee Code 67-4-2908
- County: means a county or metropolitan government. See Tennessee Code 67-4-2903
- Development: means the construction, building, erection, or improvement to land by providing a new building or structure that provides floor area for residential use. See Tennessee Code 67-4-2903
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Residential: means the development of any property for a dwelling unit or units. See Tennessee Code 67-4-2903
For the exercise of the privilege of development, a county may levy a tax based on the floor area of residential development. A county initially levying a tax under the authority granted by this part may levy the tax at a rate not to exceed one dollar ($1.00) per square foot on residential property. Whenever a county has levied a tax pursuant to this part or increased the rate of the tax, it may not increase the rate of the tax or levy an additional tax on the privilege of development for a period of four (4) years from the effective date of the tax or rate increase. After four (4) years from the date the county initially levies the tax or from the date of the last increase in the rate of the tax, the county legislative body may increase the rate of the tax by a percentage not to exceed ten percent (10%).