property tax in TN question
Hello,
I am not in the Memphis area, but more in mid/east TN, but this forum is more active than the others in TN and this question is TN specific so I am hoping someone here can help educate me.
I bought 2 properties (residential homes) that I am fixing up to rent. I have noticed on some websites that rental property is taxed as commercial and some are taxed as residential for the property taxes.
I did notice that the properties held as XYZ Rental LLC are always taxed as commercial.
Should all home/residential properties be taxed as commercial if they are rentals? Is the decision based on how the property is titled? Or are most folks just sneaking through and the taxing authority does not know its a rental?
Can anyone explain this to me?
Thanks!