Each year, Realtors across Tennessee join forces for the Realtors Day on the Hill when they meet with state senators and representatives to discuss issues vital to property owners and the real estate industry in our community and to influence the legislative process in the Tennessee General Assembly. On Jan. 30, Greater Chattanooga Realtors met with other Tennessee Realtors in Nashville for 2018’s Realtor Day on the Hill and to represent as Greater Chattanooga’s voice for real estate.
The four key issues of discussion for Realtors with legislators were short-term rentals, the Professional Privilege Tax, the Service of Process – Repossession of a Landlord’s Property bill and the Uniform Commercial Real Estate Receivership Act. Let’s dive into each topic to understand why they’re important to our community.
Short-term rentals
Recently, Nashville’s Metro Council voted to gradually phase out all short-term rentals that are not owner-occupied. With rental avenues such as Airbnb growing in popularity, it’s likely this will gain a lot of attention – soon. Tennessee Realtors have taken a neutral position on this bill to date because we have many members on both sides of the issue. There are those who sell residential properties who oppose short-term rentals and view them as something that hurts the values of surrounding homes.
Professional Privilege Tax
There are several bills regarding the Professional Privilege Tax that were taken off notice because of the fiscal impact on the state. Tennessee Realtors would like to see the Professional Privilege Tax repealed partly because, with the repeal of the Hall Income Tax, certain professionals are included and certain professions are not included, which is unfair. Also, the state should be able to operate without this additional money.
Service of Process – Repossession of a Landlord’s Property
This bill would add the ability to serve process on any contractually named party. In the past, when the contractually named party had moved or left the premises, if you couldn’t find them, you couldn’t get service. This would allow you to serve a contractually named party anywhere. This bill could serve our property management people well.
Uniform Commercial Real Estate Receivership Act
This bill is an effort to align receivership law across the United States. It is intended to put all states on an even playing field on real estate receiverships. We urge you to ask your legislator to support this legislation.
To learn more about the key issues for 2018 Realtor Day on the Hill, visit www.gcar.net/advocacy. Search #TNRealtorday18 on social media to find photos and additional information from this year’s Realtor Day on the Hill.
Greater Chattanooga Realtors is “The Voice of Real Estate in Greater Chattanooga.” A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call (423) 698-8001.