HB1892 amends Tennessee Code to regulate taxpayer agreements and liens related to tax increment agency bonds.
HB1892 amends Tennessee Code to allow tax increment agencies to enter into taxpayer agreements with property owners to secure bonds or lease obligations. These agreements must be recorded and treated as property taxes. The agreements include a lien that takes priority over other encumbrances and runs with the land. The bill also specifies that taxpayer agreements cannot be accelerated or eliminated by foreclosure of a property tax lien.
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- Legal Framework
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