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Tennessee Code Title 68. Health, Safety and Environmental Protection § 68-205-106

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

The terms of a program established pursuant to § 68-205-105(a)(3) must include:

(1) Appropriate eligibility factors, including certification by the property owner that:

(A) The property owner requesting to participate in the program:

(i) Is the legal owner of the benefited property;

(ii) Is current on mortgage and property tax payments; and

(iii) Is not insolvent or in bankruptcy proceedings; and

(B) The title of the benefited property is not in dispute;

(2) A requirement that:

(A) The amount of the assessment, plus existing indebtedness on the property, does not exceed ninety percent (90%) of the fair market value of the property as determined by a qualified appraiser, with the exception that properties qualified under the federal low-income housing tax credit program set forth in 26 U.S.C. § 42 are exempt from this requirement; and

(B) The amount of the assessment does not exceed twenty-five percent (25%) of the fair market value of the property as determined by a qualified appraiser;

(3) A description of the types of qualified projects that may be subject to special assessments;

(4) A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;

(5) A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment; and

(6) A statement explaining the procedures for imposing voluntary special assessments, the billing and collecting of the voluntary special assessments, and remedies for enforcement of delinquent special assessments, unless the local government delegates these duties pursuant to § 68-205-107(d)(2).

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Cite this article: FindLaw.com - Tennessee Code Title 68. Health, Safety and Environmental Protection § 68-205-106 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-68-health-safety-and-environmental-protection/tn-code-sect-68-205-106/

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