A Tennessee real estate licensee is advising a client about property tax exemptions available in the state. Which of the following entities or property types would NOT typically qualify for a property tax exemption under Tennessee law?
Correct Answer
C) A privately owned rental apartment complex operated for profit
A privately owned rental apartment complex operated for profit does NOT qualify for a property tax exemption under Tennessee law. Tennessee's property tax exemptions (Tenn. Code Ann. § 67-5-201 et seq.) are reserved for government-owned property, religious organizations, educational institutions, and qualifying charitable/nonprofit entities. For-profit rental property does not meet any of these exemption criteria and is fully subject to ad valorem taxation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → Three depreciation:
- → Cap rate:
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