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Comptroller warns Tennessee property tax relief program will exhaust reserves without additional funding
Summary
Comptroller told the Finance, Ways and Means Committee that increased enrollment and current benefit levels will deplete the program's reserves by FY2027 unless the Legislature provides additional funding or changes eligibility; he described how proration would work if funds fall short.
Comptroller Jason Mumpower told the House Finance, Ways and Means Committee that the state's property tax relief program for low-income elderly, disabled residents and 100% service-connected disabled veterans will continue to draw on a dedicated reserve and is on track to exhaust that reserve by fiscal year 2027 unless the General Assembly provides more funding or changes eligibility.
Mumpower said that for fiscal 2025 the office expects to provide about $47,300,000 in tax-relief payments while the current appropriation for the program is $41,200,000. "If you do that math, you can see that in this year, we will use about $6,000,000 of our $20,000,000 reserve to make up the difference," he said, and later warned that at current trends the program will need at least $10,300,000 more in FY2027 to remain solvent at…
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