Tennessee § 67-5-1602 - Repayment of reappraisal loans.
Full text of Tennessee Tennessee Code Annotated § 67-5-1602 — Repayment of reappraisal loans., with citation guidance and answers to common questions.
§ 67-5-1602. Repayment of reappraisal loans.
Upon request by any city or county having an unpaid balance on a loan previously made from state funds for a prior reappraisal program, the remaining unpaid balance on the prior reappraisal loan shall be added to any new loan made from state funds to a city or county to finance a new reappraisal program, and repayment will follow the repayment schedule of the new reappraisal program. The remaining unpaid balance on the prior reappraisal loan shall be repaid at the same rate of interest as provided for in the original note. Any new loan to any county or city shall be repayable to the state in five (5) annual installments with interest at an annual rate of six percent (6%). The first payment shall be due one (1) year from the date the reappraisal program is completed and approved by the director of the division of property assessments. In the event of a default by a county or city in the repayment of loans provided by the state, the director of the division of property assessments shall notify the commissioner of finance and administration of the default and the amount thereof; whereupon, the commissioner shall pay over to the state out of any revenue due the general fund of the defaulting county sums to pay the amount in arrears. Acts 1980, ch. 820, § 2; 1981, ch. 124, § 1; T.C.A., § 67-681; Acts 1989, ch. 495, § 3.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 67-5-1602
What does Tennessee Code Annotated § 67-5-1602 cover?
Section 67-5-1602 ("Repayment of reappraisal loans.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 67-5-1602?
A common citation format is "Tennessee Code Annotated § 67-5-1602" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 67-5-1602 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.