Bill > SB0198

This bill allows counties and municipalities in Tennessee, until June 30, 2041, to pay large property tax refunds (over $500,000) owed to taxpayers through annual installments applied as credits against future property taxes, provided both the local government and the taxpayer agree in a written settlement. This settlement, which must be signed by the chief elected official and the taxpayer, requires the taxpayer to waive any penalties and interest that would normally accrue on the refund, and the refund must be fully paid within ten years of the agreement. The installments must be applied to the same property that was the subject of the tax dispute, and the local government must be authorized to accept partial tax payments. This provision is intended to provide a mechanism for resolving significant property tax disputes by spreading out large refund payments over time.