Taxes, Real Property - As introduced, adds an exception to the requirement that mineral and other interests in real property are assessed to the owner of the real property. - Amends TCA Title 67, Chapter 5.

HB 2409 amends Tennessee property tax law to change how mineral interests and similar property rights are assessed. It specifies that these interests (like mineral rights or leasehold improvements) are generally assessed to their owner, but adds two exceptions: 1) if a lessee has a "payments in lieu of taxes" agreement with state/local government (effective April 30, 2019 or later), or 2) if the lessee is part of a housing authority's affordable housing project under specific lease terms (entered after April 30, 2026). In these cases, the property is assessed solely to the governmental entity (like a housing authority), not the private owner. The bill directly affects mineral rights holders, property owners with lease agreements, and housing authorities managing affordable housing projects.