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

(a) Applications for deferral of real property taxes shall be made annually on or before March 1 of each year, unless a later date for applications is provided by resolution of the legislative body of the county or municipality authorizing the program. Any applications received by the county trustee after this date shall be considered for deferral of real property taxes for the following tax year.

Terms Used In Tennessee Code 7-64-103

  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Trustee: A person or institution holding and administering property in trust.
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) The state division of property assessments shall prepare an application form to be approved by the state board of equalization for such deferrals, which shall contain the following information and such additional information as may be required by the state board of equalization:

(1) Name and address of the applicant or applicants;
(2) Date and place of birth of the applicant or applicants;
(3) Relationship between the applicants;
(4) Description and location, by civil district, of the property;
(5) Name of the person or persons holding title to the property;
(6) Name and address of any mortgagee or lienholder;
(7) The amount of any mortgage or lien against such property; and
(8) Oath or verification of the information and disclosure by the applicant or applicants.
(c) [For contingent amendment, see the Compiler’s Notes.] Such application shall be accompanied by a fee in the amount of five dollars ($5.00) to be used to defray any expenses in the processing of such application.
(d) The trustee or appropriate municipal official shall furnish the county assessor of property a copy of each application for deferral of property taxes. Whenever application for deferral of real property taxes is made, the county assessor of the county where the residence is located shall, within ninety (90) days, reassess such property claimed for deferral and forthwith notify the county trustee or the appropriate municipal official of the amount of the reassessment and value for tax purposes.
(e) Such applications shall be available for public inspection during the normal business hours of the trustee’s office.
(f) After the trustee determines that the applicant meets the provisions of this part, the trustee shall approve such application only after receiving written approval from the holder of a note secured by any mortgage or deed of trust on such residence.
(g) Notice of each approved application for deferral of taxes shall be furnished to the register of deeds by the trustee.
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