Tennessee Code Title 67. Taxes and Licenses § 67-5-1809

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) When a county has been ordered to make a refund of property taxes pursuant to final action of a court or the state board of equalization, a specific appropriation is not required to authorize the county trustee to make the refund. The trustee may make the ordered refund and any interest owing the taxpayer as otherwise provided from any taxes collected for the year or years to which the refund relates prior to the allocation to the various county funds. If the trustee does not have funds collected from the year to which the refund relates, the trustee may make the refund and pay any interest owing the taxpayer from current collections prior to the allocation of revenue to the various county funds. Where a refund plus accrued interest exceeds one percent (1%) of all property taxes levied for the year in which the refund is due, the trustee may defer the refund for a period of up to three (3) years in equal annual installments, and the deferred amounts must accrue interest in the manner otherwise provided by law.

(b)(1) Notwithstanding this section or another law to the contrary, a county or municipality that levies a property tax pursuant to this chapter may pay a property tax refund owed to a taxpayer through annual installments applied as credits against the taxpayer's future property taxes if:

(A) The county or municipality and the taxpayer agree, pursuant to a written settlement agreement of a property tax dispute or disputes filed pursuant to § 67-5-1412, § 67-5-1501, or § 67-5-1511, that the refund will be applied in accordance with this subsection (b). The written settlement agreement must:

(i) Contain a provision wherein the taxpayer waives any penalties and interest that would otherwise accrue on the refund pursuant to § 67-5-1512(d);

(ii) Be signed by the chief elected official of the municipality or county and the taxpayer or the taxpayer's duly authorized representative; and

(iii) Be filed with the comptroller of the treasury no later than thirty (30) days after the agreement is signed by all parties;

(B) The refund is paid in full no later than ten (10) years after the date the written settlement agreement is signed by all parties;

(C) Each annual installment that comprises the total refund is applied to the future property taxes of the same parcel or parcels that are the subject of the property tax dispute or disputes;

(D) The total refund owed to the taxpayer by the municipality or county is greater than five hundred thousand dollars ($500,000); and

(E) The county or municipality is authorized to accept prepayments and partial payments of property taxes under §§ 67-5-1801(e) and 67-5-1808.

(2) This subsection (b) is repealed June 30, 2041.

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Cite this article: FindLaw.com - Tennessee Code Title 67. Taxes and Licenses § 67-5-1809 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-67-taxes-and-licenses/tn-code-sect-67-5-1809/

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