November 3, 2009

 

Just in time for Halloween, Mike Ritz sent me this spreadsheet, which I have attached. It shows that $26.5 million dollars in Shelby County taxes are unpaid as of October 22, 2009. They are in five classifications.

• Tennessee Regulatory Commission Taxes
  
• Personalty Taxes
  
• Realty Commercial
  
• Realty Residential
  
• Realty Other
  

The astounding thing is that state law charges interest on delinquent taxes as shown below. Sounds like your Visa bill. It is true that some of these tax debts are in dispute and in the process of appeal. The interest could be as high as 20% or higher.

Tennessee Code Annotated, Section 7-4-204

1. Taxes due and payable that are not remitted to the tax collection official on or before the due dates are delinquent.
   
2. The person owing the taxes shall be liable for interest on any delinquent taxes from the due date at the rate of eight percent (8%) per annum, and, in addition, for a penalty of one percent (1%) for each month or fraction of a month that the taxes are delinquent. The interest and penalties shall become a part of the tax required to be remitted in this chapter.
   

 

Click here to see the top 50 shelby county tax delinquent taxpayers in 5 classifications