Property tax relief program for seniors, veterans ‘will run out of money’
Senate Finance, Feb. 17 - 1:05 min mark - Watch
- Tennessee’s property tax relief program—supporting low-income seniors, disabled individuals, and disabled veterans—is running out of money.
- The comptroller of the treasury, which administers the program, alerted members of the Senate finance committee on Monday. According to the comptroller, this year, the program needs $47.3 million this budget cycle, but the program is only slotted to receive $41.2 million.
- The program has enough in reserves to cover anticipated costs for one more year, but if nothing changes, the program will exhaust its reserves by FY27.
- If the legislature cannot find more money, the program’s 100,000 participants would see benefit delays and a reduction in financial assistance.
- Officials project the program will need an extra $10.3 million next year and $19 million by FY28.