Revenue Class: Local Taxes
Account No.: 31512
Description: A payment in lieu of tax that cannot exceed the amount of taxes payable on privately owned property of similar nature. A calculation worksheet may be found under "MTAS Resources: In-lieu-of tax calculator at: http://www.mtas.tennessee.edu/finance-and-accounting
Authorization: T.C.A. § 7-34-115 (a)(9)
Requirements or Restrictions: Must be authorized by resolution.
Current Rate: Varies by municipality, based on 1) the equalized tax rate, 2) net book value of net fixed assets, and 3) book value of inventory.
Frequency of Payment: Established in the authorizing resolution.
Late Pay Penalty: Not specified.
Collection: Payment is made by water utility to municipality pursuant to authorizing resolution.
Use Restrictions: None.