Tennessee (Summary)
Last Updated: March 2020
Tax Type: Current Use Tax
Description: Forest land is assessed at 25% of its current use value.
Law: Tenn. Code Ann. §§ 67-5-1001 to 67-5-1009
Principal Forest Property Tax Incentive Program
Program name: Greenbelt Law
Objective: To preserve open space in or near urban areas, Tennessee authorizes the special assessment of real property used as forest or open space land under the same general provisions that apply to agricultural land.
Program Requirements
Min/Max Acreage: 15-1500 acres for Forest Land Classification; 3-1500 acres for Open Land Classification
Min. Stocking Growth: N/A
Forest Management Plan: Forest management plan is required to accompany application for preferential forestland classification.
Evidence of Use: The assessor will consider the acreage; the amount and type of timber on the land; the actual and potential growth rate of the timber; and the management practices being applied to the land and to the timber on it.
Duration of Enrollment: Indefinite as long as ownership does not change.
Penalties for Use Change: The difference in the present use value assessment and the value assessment using general valuation provisions for each of the preceding three years for forest land or five years for open space land.
Program Administration
State: Tennessee Comptroller of the Treasury; State Board of Equalization
County Tax Assessor: Determines the fair market value and Greenbelt value of a qualifying property
University: N/A
Landowner: N/A
For a more in depth discussion of Tennessee property taxes click here!