REALTOR DAY ON THE HILL
Each year, Realtors across Tennessee join forces for Realtor Day on the Hill where 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 January 30th, 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: Short-Term Rentals, Professional Privilege Tax, Service of Process-Repossession of a Landlord’s Property, and the Uniform Commercial Real Estate Receivership Act. Let’s dive into each of these topics to understand why they are important to our community.
Short-Term Rentals: Recently, the Nashville Metro City Council voted to phase out, over time, 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 – and soon. Tennessee Realtors® have taken a neutral position on this bill thus far because we have many members on both sides of the issue. There are those that completely oppose short-term rentals that sell residential properties and view it as something that hurts the property values of surrounding residential areas.
Professional Privilege
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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 Tennessee Realtors would like to see the Professional Privilege Tax repealed due in part because with the Hall Income Tax being repealed, the repel of the Professional Privilege Tax on those people who were subject to it is only fair because certain professionals are included, and certain professions are not included, and the State budget 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. That means in the past, when the contractually named party has moved or left the premises, you could not find them, you could not get service. This would allow you to serve the contractually named party at any place. 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.