TCA § 67-5-1703 — Notification of change in assessment rolls — Adoption of increased tax rate due to reduction in assessment rolls

The resolution or ordinance approved in the manner provided in § 67-5-1702 shall be forwarded to the county board of equalization and the state board of equalization. The county board or the state board, as appropriate, shall notify each taxing authority of any change in the assessment roll which results from action by either board. An increase in the tax rate above that certified or adopted by resolution or ordinance of the governing body, which is required solely by a reduction of the assessment roll by the state or county boards, may be adopted without further notice. A levy of tax found to be based on an erroneous calculation may be revised prior to tax billing on certification of a revised calculation by the state board of equalization accepted by act or resolution of the governing body of the affected taxing authority without further notice. If the error is certified after tax billing, the revised rate will take effect as of the next general ad valorem levy by the governing body of the affected taxing authority.