66-9-308 - Assessment for taxation purposes. - Tennessee Statutes

66-9-308. Assessment for taxation purposes.

(a)  (1)  When a conservation easement is held by a public body or exempt organization for the purposes of this chapter, the subject real property shall be assessed on the basis of the true cash value of the property or as otherwise provided by law, less such reduction in value as may result from the granting of the conservation easements.

     (2)  The value of the easement interest held by the public body or exempt organization shall be exempt from property taxation to the same extent as other public property.

     (3)  If a conservation easement in a structure is held by a public body or exempt organization for the term of a person's life or a term of years, the exemption shall apply for the length of the term and no longer.

(b)  The owner of the fee shall have all rights and powers to appeal any assessment of such interest on the same basis as provided by law for property tax assessment appeals.

[Acts 1981, ch. 361, § 8; T.C.A., § 64-9-308; Acts 1988, ch. 807, § 3.]