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TACIR staff: Greenbelt valuation can either raise or lower county fiscal capacity depending on local context
Summary
TACIR research director Michael Mount told the Education Finance Subcommittee that Tennessee's Greenbelt assessment rules reduce property tax valuations for qualifying land and that the net effect on a county's fiscal capacity varies, sometimes significantly reducing the tax base in growth areas.
TACIR Research Director Michael Mount briefed the Education Finance Subcommittee on how Greenbelt (use-value) property valuations interact with the commission's fiscal-capacity model and said the overall effect on a county's calculated fiscal capacity is not uniform.
Mount explained Tennessee law permits property owners to apply for Greenbelt classification so qualifying agricultural, forest or open-space land is assessed on use value rather than market value. "Once a property qualifies for greenbelt status, it is assessed based on its current use," Mount said, and the resulting lower assessment…
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