Tennessee § 67-5-1329 - Certification of valuation to comptroller of the treasury.

§ 67-5-1329. Certification of valuation to comptroller of the treasury.

On or before the third Monday in October, the state board of equalization shall certify to the comptroller of the treasury the valuation fixed by it upon each property assessed under this part. The action of the board in fixing the valuation upon such property shall be conclusive and final, and the valuation so fixed shall be assessed against such property and the taxes due thereunder be paid. If the board fails to certify assessments to the comptroller of the treasury on or before the third Monday in October, the validity of the certification thus delayed shall be unaffected, but the taxpayer shall be afforded a minimum of thirty (30) days from the date the comptroller of the treasury distributes the assessments to local collecting officials, in which to pay taxes without delinquency penalty and interest. If any railroad, public utility, or modern market telecommunications provider has been or is hereafter aggrieved at the assessment so fixed and certified by the board, such taxpayer shall be required to pay the taxes due and owing the state, counties, and municipalities, upon the full value of the assessment, under protest. Upon termination of any proceedings that may be instituted in any of the courts of this state or in any of the courts of the United States by such taxpayer to review such assessment, the state, counties and municipalities, and any school district, road district, or other taxing district to which such taxes have been paid, shall refund in cash and with interest, such part of the taxes so paid to it as may be adjudged to be excessive or illegal by any final decree or order entered in any such proceeding, or in default of such refund, such taxpayer is authorized to take credit for the amount of such illegal or excessive tax, with interest, against any tax thereafter becoming due from and payable by such taxpayer, to the state, or any county, municipality, road district, school district, or any other taxing district authorized by law to levy taxes. If the state board of equalization has not completed its review of the assessment certified by the comptroller of the treasury within the time provided herein due to exceptions filed by the property owner with the board, the property owner shall be required to pay at least the undisputed portion of the property taxes, based upon the assessment certified by the comptroller of the treasury to the board, tentatively equalized according to the county appraisal ratios approved by the board pursuant to §§ 67-5-1302(b) and 67-5-1509(a), pending final disposition of the exceptions by the board. The partial payment provided herein shall be made within thirty (30) days of written demand therefor by the affected tax jurisdiction, and the board may dismiss the exceptions of any property owner who fails or refuses to make the payment as provided. The property owner may, in addition, pay the disputed portion of such taxes if the taxing authority to whom such taxes will be due agrees to accept the payment. Upon final disposition of the exceptions and certification of the final assessment to the comptroller of the treasury by the board, any overpayment of taxes shall be refunded to the property owner with interest, and any remainder of taxes due but unpaid shall be payable and collectable as otherwise provided by law. Interest shall be due upon unpaid or overpaid taxes under appeal in the same manner provided in § 67-5-1512, and the statutory interest otherwise accruing on delinquent taxes under § 67-5-2010 shall not accrue until the delinquency date or thirty (30) days after the final assessment is certified by the board, whichever is later. At the option of the jurisdiction, refund of overpaid taxes with any interest due may be made by lump sum payment or by crediting such payment against future taxes until paid in full. Payments made by the property owner pursuant to this subsection (c) shall not be construed to prejudice the property owner's appeal or right to a refund of payments determined not to be due, nor shall such payments be considered a voluntary payment. For purposes of this section, authority to bill or make written demand for payment of taxes is vested in the tax collecting official of the jurisdiction, and authority to act otherwise on behalf of the jurisdiction in electing options provided herein is vested in the chief executive officer of the jurisdiction, unless the jurisdiction votes by a majority of its chief legislative body to designate some other official as the person electing options. This subsection (c) applies to assessments for the 1990 and later tax years. Acts 1973, ch. 226, § 11; T.C.A., § 67-933; Acts 1992, ch. 527, §§ 1, 2; 1995, ch. 305, § 125; 1998, ch. 606, § 1; 2017, ch. 299, § 3; 2017, ch. 490, § 7. Code Commission Notes. The former proviso at the end of subdivision (c)(2), concerning the imposition of interest between the delinquency date for 1990 taxes and February 27, 1992, was deleted as obsolete by authority of the code commission in 2006. Compiler's Notes. Acts 2017, ch. 490, § 15 provided that the act, which amended this section, shall apply to all tax periods beginning on or after January 1, 2017. Law Reviews. Administrative Law — 1954 Tennessee Survey, 7 Vand. L. Rev. 733 (1954).