Bill > HB0162

This bill allows counties and municipalities in Tennessee that collect property taxes to pay large property tax refunds owed to taxpayers in annual installments, applied as credits against future property tax bills, until June 30, 2041. This option is available only if both the local government and the taxpayer agree in a written settlement for a property tax dispute, with the taxpayer waiving any penalties and interest on the refund, and the total refund exceeding $500,000. The agreement must be signed by the chief elected official and the taxpayer, filed with the comptroller of the treasury, and the refund must be fully paid within ten years, with each installment applied to the same property that was part of the dispute. Additionally, this bill amends existing law to clarify that taxpayers can waive penalties and interest on refunds as part of these settlement agreements.