Hoover v. State Board of Equalization

OPINION

LEWIS, Judge.

This appeal raises an issue concerning the proper interpretation of T.C.A. § 67-606(5): Whether a court-imposed restriction that limits a life tenant’s ability to alien, convey, or encumber their estate or to lease the estate for a period of longer than one year constitutes a “legal restriction(s) on use” and thereby should be. considered in the basis of valuation for property tax purposes.

Plaintiffs acquired property in Rutherford County upon the intestate demise of their mother, Mrs. Eleanor Hoover, and their father’s relinquishment of- his estate by courtesy. The…