Bill > HB1892

This bill allows certain government entities, such as housing authorities, industrial development corporations, and community redevelopment agencies (referred to as "tax increment agencies"), to enter into agreements with property owners within designated redevelopment areas. These "taxpayer agreements" can require property owners to make specific payments to help secure bonds or other financial obligations of the agency, especially if the regular tax revenues generated in the area are not enough to cover debt service payments on improvements. Importantly, any lien created by these agreements, called a "taxpayer agreement lien," will have top priority over all other existing or future mortgages and liens on the property, similar to how property taxes are prioritized. These agreements must be officially recorded in the county's property records, and the lien will remain attached to the property until all obligations are met. The bill also clarifies that these agreements cannot be a condition for approving a redevelopment plan and that foreclosure on a property tax lien will not eliminate or accelerate future payments due under a taxpayer agreement.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1892&ga=114