§ 29-27-306 — Determination of value

(a) Except as otherwise provided in subsections (b) and (c), if the court determines that the property that is the subject of a partition action is heirs property, then the court may consider the county's tax appraised value. If an objection to the tax appraisal is filed by a party within thirty (30) days of receipt of the appraisal, then the court shall determine the fair market value of the property by ordering an appraisal pursuant to subsection (d). (b) If all cotenants have agreed to the value of the property or to another method of valuation, then the court shall adopt that value or the value produced by the agreed method of valuation. (c) If the court determines that the evidentiary value of an independent appraisal is outweighed by the cost of the appraisal, then the court, after an evidentiary hearing, shall determine the fair market value of the property and send notice to the parties of the value. (d) If the court orders an appraisal, then the court shall appoint a disinterested real estate appraiser licensed in this state to determine the fair market value of the property, assuming sole ownership of the fee simple estate. On completion of the appraisal, the appraiser shall file a sworn or verified appraisal with the court. (e) If an appraisal is conducted pursuant to subsection (d), then the plaintiff shall send notice to each party with a known address no later than ten (10) days after the appraisal is filed, stating: (1) The appraised fair market value of the property; (2) That the appraisal is available at the clerk's office; and (3) That a party may file with the court an objection to the appraisal no later than thirty (30) days after the notice is sent, stating the grounds for the objection. (f) If an appraisal is filed with the court pursuant to subsection (d), then upon motion of a party, the court shall conduct a hearing to determine the fair market value of the property no sooner than thirty (30) days after a copy of the notice of the appraisal is sent to each party under subsection (e), regardless if an objection to the appraisal is filed under subdivision (e)(3). In addition to the court-ordered appraisal, the court may consider other evidence of value offered by a party. (g) After a hearing under subsection (f), but before considering the merits of the partition action, the court shall determine the fair market value of the property and send notice to the parties of the value.

Legislative History

Added by 2022 Tenn. Acts, ch. 1109, s 1, eff. 7/1/2022.