Image Credit: TN General Assembly & Canva.
Article by David Seal, Tennessee Conservative News –
Visionary legislator Bud Hulsey (R-Kingsport) was successful in persuading the General Assembly in 2022 to enact legislation that enables Tennesseans to prepay their property taxes for future tax years.
The idea of having a system to prepay property taxes years ahead of schedule is designed to protect property owners that may not have a means of paying their taxes in the event of a currency collapse, economic meltdown, or if the Federal Reserve converts to a Central Bank Digital Currency (CBDC) system. Hulsey described all these things as falling within an “evil category.”
In the global war against cash, the legislation protects property owners and was the brainchild of the late Mike Carter who served in the Tennessee General Assembly. In fact, Public Chapter 848 is named after Carter and is known as the “Representative Mike Carter Preservation Act.”
To hear Hulsey’s explanation of HB2467, a video to the Property and Planning Subcommittee is linked here.
Senator Paul Rose (R-Lauderdale, Shelby, and Tipton Counties) sponsored the Senate Companion Bill SB2772.
So far 30 county trustees across Tennessee have filed a plan with the Comptroller of the Treasury to accept prepayment of property taxes in accordance with the permissive legislation. To set up the escrow account to hold property tax prepayments, the County Trustee is required to provide the Comptroller’s Office with the following.
(1) A description of the accounting system technology or manual processes to be used to record prepayments and partial payments of property taxes for the current tax year prior to the date the tax rate is established;
(2) A statement indicating whether such a process of collecting property taxes will be implemented within the existing operating resources of the office or an indication of prior approval by the county legislative body if accounting system upgrades or additional operating resources are needed; and
(3) Documentation of the internal controls that will ensure all property tax payments are being recorded and accounted for as required by law.
(c) (1) The delinquent date for property taxes and interest applicable to delinquent property taxes is not affected by application of a prepayment or partial payment system established in such county.
(2) Interest applies only to the amount of delinquent property taxes remaining due as of the date property taxes become delinquent.
(d) If a prepayment or partial payment of property taxes is accepted, such prepayment or partial payment does not release the tax lien on the property upon which the taxes were assessed and such prepayment or partial payment is non-refundable.
To see if your county is qualified to accept property tax prepayments, a list is provided below.
Hulsey encourages other county trustees across the state to make arrangements for prepayment of property taxes to protect property owners from financial uncertainty and forced property takings.
About the Author: David Seal is a retired Jefferson County educator, recognized artist, local businessman, 917 Society Volunteer, and past Chairman of the Jefferson County Republican Party. He has also served Jefferson County as a County Commissioner and is a citizen lobbyist for the people on issues such as eminent domain, property rights, education, and broadband accessibility on the state level. David is also a 2024 winner of The Tennessee Conservative Flame Award & has received an accolade from the Institute For Justice for successfully lobbing the TN legislature to protect property rights. David can be reached at david@tennesseeconservativenews.com.
