A resolution requesting the Davidson County Delegation to the Tennessee General Assembly to introduce and support legislation that would allow local governments to assess senior citizen housing developments at twenty-five percent of its value.

WHEREAS, T.C.A. § 67-5-801 provides that commercial property must be assessed at forty percent of its value, while residential property is only assessed at twenty-five percent of its value; and

WHEREAS, many senior citizens seek to live in retirement complexes to have access to certain amenities, and to avoid the burden of maintaining their property; and

WHEREAS, certain senior citizen housing developments within Davidson County require residents to pay a lump sum initiation fee or "buy in" rather than purchasing a fee simple ownership interest in the property, and require the residents to pay the portion of the property taxes for the unit in which they live; and

WHEREAS, multifamily senior citizen housing developments are classified at the higher commercial rate, even if the residents are required by the property owner to pay the property taxes; and

WHEREAS, the fifteen percent difference between the commercial and residential property tax rate is unduly burdensome to many senior citizens living in these developments who are on fixed incomes; and

WHEREAS, it is fitting and proper that local governments be allowed to assess senior citizen housing developments at the lower residential rate, regardless of whether the resident has an ownership interest in the property.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That the Metropolitan County Council hereby goes on record as requesting the Davidson County Delegation to the Tennessee General Assembly to introduce and support legislation that would allow local governments to assess senior citizen housing developments at twenty-five percent of its value.

Section 2. The Metropolitan Clerk is directed to send a copy of this Resolution to each member of the Davidson County Delegation to the Tennessee General Assembly.

Section 3. That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Eric Crafton