Real Property - As enacted, clarifies that property that is qualified as agricultural, forest land, or open space land, owned by two individuals, and held under the titles of tenancy by the entireties or of joint tenancy with right of survivorship, is deemed to have unchanged ownership upon the death of an owner if the property is retained by the other owner through a right of survivorship or upon the divorce of the owners if the property is retained by either owner through division and distribution of property in the divorce proceeding. - Amends TCA Title 11, Chapter 14, Part 2; Title 11, Chapter 15 and Title 67, Chapter 5.

SB 247 clarifies Tennessee law regarding ownership of qualified agricultural, forest, or open space land held by two individuals under tenancy by the entireties or joint tenancy with right of survivorship. It specifies that ownership is deemed unchanged if the surviving owner retains the property through a right of survivorship after one owner's death, or if a divorce court awards the property to one owner. This applies to properties already classified under the Agricultural, Forest and Open Space Land Act. The bill amends specific sections of Tennessee law to explicitly include these scenarios in the existing ownership rules.