Amends TCA Title 67, Chapter 5.
Tennessee SB0775 amends Title 67, Chapter 5 of the Tennessee Code Annotated, specifically addressing the distribution of proceeds from tax sales after property taxes become delinquent. The bill introduces a new fourth priority for the distribution of sale proceeds, requiring that 10% of any remaining proceeds be allocated for tax relief for eligible homeowners, including elderly low-income individuals, disabled persons, and veterans or their widows. This change affects property owners facing tax delinquency and alters the order of priority for distributing tax sale proceeds.
Tennessee SB0775 amends Title 67, Chapter 5 of the Tennessee Code Annotated, specifically addressing the distribution of proceeds from tax sales after property taxes become delinquent. The bill introduces a new fourth priority for the distribution of sale proceeds, requiring that 10% of any remaining proceeds be allocated for tax relief for eligible homeowners, including elderly low-income individuals, disabled persons, and veterans or their widows. This change affects property owners facing tax delinquency and alters the order of priority for distributing tax sale proceeds.
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