Section 67-4-2908 - Tax based on the floor area of new development(a) For the exercise of the privilege of development, a county may levy a tax based on the floor area of new development. A county initially levying a tax under the authority granted by this part may levy the tax at a rate not to exceed one dollar and fifty cents ($1.50) per square foot on residential property and one dollar and fifty cents ($1.50) per square foot on up to one hundred fifty thousand square feet (150,000 sq. ft.) of commercial property.(b) Whenever a county has levied a tax pursuant to this part or increased the rate of the tax, the county shall not increase the rate of the tax or levy an additional tax on the privilege of development for a period of four (4) years from the effective date of the tax or rate increase. After four (4) years from the date the county initially levies the tax or from the date of the last increase in the rate of the tax, the county legislative body may increase the rate of the tax by a percentage not to exceed ten percent (10%); provided, that the county follows the procedure outlined in § 67-4-2904.Amended by 2024 Tenn. Acts, ch. 990,s 6, eff. 5/21/2024.