Tennessee § 7-64-104 - Deferral — Lien for unpaid taxes. [For contingent amendment, see the Compiler's Notes.]

§ 7-64-104. Deferral — Lien for unpaid taxes. [For contingent amendment, see the Compiler's Notes.]

Whenever a deferral of real property taxes is granted, assessment of such taxes shall continue on an annual basis; however, they shall not become due and payable until the deferral is terminated. The unpaid balance of assessed real property taxes shall constitute a lien against such property, and shall be subject to interest at the rate of ten percent (10%) a year. Such accrued taxes and such interest shall be a lien of the first priority on the property in the particular local government. Such a lien shall remain in effect until the taxes and interest are paid. The tax deferrals created by this part shall not be subject to the statutory penalties imposed on delinquent taxes, and the lien created in the local government shall not be subject to any applicable statute of limitation. Acts 1980, ch. 831, § 1; 1998, ch. 803, § 4. Compiler's Notes. Acts 1998, ch. 803, § 4 amended this section by rewriting the first sentence of subsection (b) to read: “The unpaid balance of assessed real property taxes shall constitute a lien against such property, and shall be subject to simple interest at the rate of six percent (6%) a year.” However, as provided in § 5 of that act, the amendment shall have no effect unless approved by a two-thirds (2/3) vote of the governing body of any county or municipality to which it may apply. Approval or nonapproval shall be proclaimed by the presiding officer of the governing body and so certified to the secretary of state.