Tennessee Code Title 7. Consolidated Governments and Local Governmental Functions and Entities § 7-64-201

(1) Any taxpayer or spouse who is sixty-five (65) years of age or older and who owns residential property as such person's principal place of residence shall pay taxes on such property as any other taxpayer, but taxes on the property in the amount that exceeds such person's property tax for the year 1979 may be deferred at the interest rate provided for in this part, with such deferred taxes to remain a lien upon the property as provided in this part;

(2) Any taxpayer who reaches sixty-five (65) years of age on or before March 27, 1980, who owns residential property as such person's principal place of residence shall thereafter pay taxes on such property in the same amount as other taxpayers, but that any taxes in excess of the 1979 taxes may be deferred until the date of sale of such property or the date of death of the taxpayer, or the death of the surviving spouse, and that any taxpayer who reaches sixty-five (65) years of age after March 27, 1980, may defer any taxes in excess of the amount in effect in the year such person becomes sixty-five (65) years of age subject to the other provisions of this part; and

(3) Any taxpayer who is sixty-five (65) years of age or older who purchases residential property as such person's principal place of residence after such person's sixty-fifth birthday may defer taxes in excess of the amount of tax in the year such person purchased the property subject to this part.