Tennessee § 7-64-209 - Interest — Lien for unpaid taxes. [For contingent amendment, see the Compiler's Notes.]

§ 7-64-209. Interest — Lien for unpaid taxes. [For contingent amendment, see the Compiler's Notes.]

In the event of a sale of the property, the deferred taxes shall not be submitted to penalty as provided for delinquent taxes, but shall be subject to interest at the rate of ten percent (10%) per annum, and the accrued taxes and interest at ten percent (10%) per annum shall remain a first lien on the property in favor of the local government involved until paid and without being subject to the statutes of limitations. Acts 1980, ch. 659, § 9; 1998, ch. 802, § 4. Compiler's Notes. Acts 1998, ch. 802, § 4 amended this section to read: “In the event of a sale of the property, the deferred taxes shall not be submitted to penalty as provided for delinquent taxes but shall be subject to simple interest at the rate of six percent (6%), and the accrued taxes and simple interest at six percent (6%) shall remain a first lien on the property in favor of the local government involved until paid and without being subject to the statutes of limitations.” However, as provided in § 6 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.