Reviewed Date: 12/02/2022
Revenue Class: Intergovernmental Revenue
Account No.: 33310
Description: Payments in lieu of taxes from local housing authority, based on gross rent receipts. Housing authorities “shall agree” to pay in-lieu-of taxes or special assessments not to exceed the cost of services, improvements, or facilities provided. A similar requirement provides that nonprofit housing corporations providing low-cost housing for elderly or handicapped people must agree to make in-lieu-of-tax payments for any project exceeding 12 units occupied after January 1, 1990. Bonds and notes of a housing authority are issued for a public purpose and together with the interest shall be exempt from taxation.
Authorization: T.C.A. § 67-5-206; T.C.A. § 67-5-207
Requirements or Restrictions: Subject to federal housing law and regulations. There also are several qualifications for nonprofit housing corporations that must be met to be eligible for the payment in-lieu-of taxes listed under T.C.A. § 67-5-207.
Current Rate: Varies.
Frequency of Payment: Varies.
Late Pay Penalty: N/A
Use Restrictions: None.