My proposed Homestead act? How about if 65 or older or 100% disabled then the first $400,000 of property is exempt from the "school percentage" of property taxes? They still use services and drive on the roads. They just don't have anymore school-age children and have paid more than their share for theirs and others already. For people less than 100% disabled apply the percentage to their amount of exemption and relief. 60% disabled can exempt 60% of the "school share" of property tax while paying the 100% (just like the retirees and 100% disabled) of the other property tax uses over the amount of their exemption. Also make this a 'vested' tax break, allowing 10% of the break for every year of ownership. Another thing to make it more fair is to 'equalize' the land's value over the life of ownership. If someone has had the property for seventy years and someone builds a mall or school or subdivision close by, it is not their fault their land has gone up in value. How about you take the assessed value of the land each year of ownership (up to twenty years) and divide it by the total years of ownership (up to twenty years) and tax the 'equalized' value for homestead qualifiers?
Did you know the state already has some form of tax relief, Tennessee Property Tax Relief Program?I want a better one