Tennessee Code Title 67. Taxes and Licenses § 67-5-1515

(b)(1) In any county having a population greater than eight hundred ninety thousand (890,000), according to the 2000 federal census or any subsequent federal census, any citizen who is a property owner and taxpayer, referred to as “applicant”, designated in this section may apply to the county trustee of such county for senior citizen assessment status:

(2) Upon receipt of the appropriate application and verification of the facts contained therein, the applicant shall be granted senior citizen assessment status by the county trustee of such county. Such status shall entitle the applicant to the right to transfer title and ownership of the applicant's major domicile to the county trustee of such county for a consideration of one dollar ($1.00). A lease for the domicile at an annual rental of one dollar ($1.00) shall be granted to the applicant along with an option to repurchase the domicile for consideration of one dollar ($1.00). The lease and option period shall extend no longer than twenty (20) years and the option may be exercised at any time during this period. If the applicant does not exercise the option to repurchase and the property is held during the entire term of the lease, the property shall revert to the applicant or the applicant's heirs at the end of the lease term. During the lease and option period, the applicant shall pay to the respective county and, if applicable, the municipality an annual sum in lieu of property taxes in an amount equal to the last full tax year's property taxes due immediately prior to the transfer of ownership to the county trustee of such county.