finance

Greenbelt Law (Tennessee)

Tennessee's greenbelt law (Agricultural, Forest and Open Space Land Act) lets qualifying land be assessed at present use value instead of market value. Minimums are 15 acres for agricultural and forest land and 3 acres for open space. When land leaves greenbelt, rollback taxes equal to the tax savings for the preceding 3 years (agricultural and forest) or 5 years (open space) are due and are a first lien. On a disqualifying sale, the seller is liable unless the written contract says otherwise.