(The Center Square) – A $10,000 one-time infusion into a property tax relief program for veterans and seniors won’t keep it from going broke, the state comptroller told lawmakers on Wednesday.
The $41 million fund gives a tax break on the first $32,000 of assessed property for low-income, disabled and senior Tennesseans, according to Comptroller Samuel Mumpower. Veterans receive a break on $175,000, but there are no income limits.
The program has a set funding limit of $41 million but has been short of that amount in the past two fiscal years, Mumpower told the Senate Finance, Ways and Means Committee on Tuesday. In fiscal year 2025, $44 million was needed, and in fiscal year 2026, $48 million, he said. The shortfalls were paid with reserves that are depleting…