Revenue Class: Local Taxes
Account No.: 31200
Description: Some people do not pay their property taxes by the due date. This represents property tax payments from previous years that are received by the municipalities.
Authorization: Article II, Section 28 of the Tennessee Constitution; T.C.A. § 67-1-701 et seq.; T.C.A. § 67-1-801 et seq.; T.C.A. § 67-5-801 et seq.; T.C.A. § 67-5-901 et seq.; T.C.A. § 67-5-2001 et seq.
Requirements or Restrictions: N/A
Current Rate: Statutes provide that the following percentages of full value be used to determine assessments:
- Public utility real and tangible personal property – 55 percent;
- Industrial and commercial real property – 40 percent;
- Industrial and commercial tangible personal property – 30 percent;
- Residential and farm real property – 25 percent;
- Other tangible personal property – 5 percent.
Frequency of Payment: Varies.
Late Pay Penalty: See Interest and Penalties – Property Tax, Account #31300.
Collection: There are several options for collecting delinquent property taxes, including publishing a list of delinquent taxpayers in a local newspaper, turning the delinquent list over to a tax attorney, distraint, garnishment and a tax sale. See T.C.A. § 67-5-2001 et seq. for a complete list and procedures.
Use Restrictions: N/A