Under Tennessee's property tax assessment system, which of the following statements is NOT correct regarding the assessment ratios applied to different property classifications?
Correct Answer
D) Public utility property is assessed at 25% of appraised value, the same as residential
Public utility property in Tennessee is assessed at 55% of appraised value, not 25%. The 25% ratio applies only to residential property (1-3 family units). Tennessee uses a tiered assessment system: 25% for residential, 40% for commercial/industrial, 55% for public utilities. Stating that public utilities are assessed at 25% (the same as residential) is incorrect.
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