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Property Tax Language
Greenbelt Assessment
An assessment that is the difference between the Greenbelt Assessment and the market value assessment that would have been applied if the property had not been in the program.
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Rollback Taxes
Rollback taxes are the amount of taxes saved over a period of time that the land qualified as agricultural, forest, or open space. These taxes are not a penalty; but a recapture of the amount of taxes saved.
Market Value
Tennessee code defines market value as the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.
