Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Does Tennessee have anything like a principal residence exemption?
There's no homestead property tax exemption in TN. According to the TN comptroller site: Exemptions Exemptions are available for religious, charitable, scientific, and   nonprofit educational uses, governmental property, and cemeteries.   Most nongovernmental exemptions require a one-time application and   approval by the State Board of Equalization (615/401-7883) and there   is a May 20 application deadline. There is no "homestead" exemption,   but low income elderly and disabled persons and disabled veterans may   qualify for a rebate of taxes on a specified portion of the value of   property used as their residence. Business inventories held for sale   or exchange by merchants subject to the business gross receipts tax,   are not assessable. Farm and residential tangible personal property   are not assessable.