Assessors - As introduced, requires assessors of property to correct an assessment of property for any real property destroyed, demolished, or substantially damaged by disaster between September 1 and December 31 of any year by prorating the assessment for that portion of the year and applying it to the subsequent tax year. - Amends TCA Title 67, Chapter 5, Part 6.

SB 431 adjusts Tennessee property tax assessments for buildings or improvements destroyed, demolished, or substantially damaged by disasters (like fire or flood) between September 1 and December 31. It requires assessors to prorate the tax for the portion of the year the property was damaged and apply that amount to the next tax year if the property isn't restored by January 1. For federally declared disasters, owners may also qualify for proration if damage exceeds 30 days - even if restored by January 1 - after applying to the assessor and with local government approval. This directly affects property owners in affected areas, providing tax relief for disaster-related damage.