Property Tax Alert: Tennessee

July 2006

New Tennessee provisions permit a taxing agency to elect to sell its receivables (delinquent property taxes) to public or private parties. "Tax receivable" is defined as the right to receive revenue from a tax, assessment, or other charge secured by a lien on real property that has become delinquent. Interest and penalties imposed by law would continue to accrue on the unpaid, original amount of the tax as if the receivable had not been sold. "Taxing agency" is defined as any county having a population of not less than 380,000 or more than 800,000, according to the 2000 or subsequent federal census.

Please contact Rash & Associates for more information.