(a) Except as provided in subsection (b), the aggregate amount of the levy or assessment made against any lot or parcel of land shall not exceed fifteen percent (15%) of the assessed value of the lot and improvement on the lot. The municipality shall pay any part of the levy or assessment against any such lot or parcel of land as may be in excess of fifteen percent (15%) of the assessed value.
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Terms Used In Tennessee Code 7-84-403

  • Assessed value: means value as assessed for municipal property tax purposes. See Tennessee Code 7-84-103
  • Municipality: means any incorporated city, town, metropolitan government, or county of this state exercising general governmental functions in the state. See Tennessee Code 7-84-103
(b) In any tourist resort county, as defined in § 42-1-301, the aggregate amount of the levy or assessment made against a lot or parcel of land shall not exceed the cost of the improvements that are apportioned pursuant to § 7-84-404 to that lot or parcel.
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