(a) Except as otherwise provided in subsection (e), a special assessment that complies with § 68-205-103, and any interest or penalties on the assessment:

Terms Used In Tennessee Code 68-205-110

  • Commercial property: means :
    (A) Privately owned commercial, industrial, or agricultural real property. See Tennessee Code 68-205-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Property owner: means the owner or owners on title, duly recorded, of a commercial property. See Tennessee Code 68-205-102
(1) Is a first and prior lien against the commercial property on which the assessment is imposed, from the date on which the notice of special assessment is recorded pursuant to § 68-205-109, until the assessment, interest, or penalty is paid; and
(2) Has the same priority status as a lien for any other ad valorem tax.
(b) The lien runs with the land, and that portion of the assessment under the assessment contract that is not yet due must not be accelerated or eliminated by foreclosure of a property tax lien.
(c) A provision of a deed of trust, mortgage, or other agreement between a lienholder and a property owner providing for the acceleration of any payment under the deed of trust, mortgage, or agreement solely as the result of entering into an agreement to finance an assessment is unenforceable; provided, that the conditions set forth under § 68-205-103 are satisfied.
  Previous section
Next section  
 Chapter 205 Contents