[For contingent amendment, see the Compiler’s Notes.]

(a) 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.
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Terms Used In Tennessee Code 7-64-104

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) 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.
(c) 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.
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