2010 Tennessee Code
Title 67 - Taxes And Licenses
Chapter 5 - Property Taxes
Part 25 - Tax LienSale of Property
67-5-2507 - Sale of land County as purchaser.

67-5-2507. Sale of land County as purchaser.

(a)  (1)  It is the duty of the county mayor of each county to take charge of all the lands bought in by the county at such delinquent tax sales.

     (2)  During the period when redemption of any such tract of land can be made, the land shall be held and put only to such use as will not result in a waste of such land.

     (3)  After the period of redemption has elapsed, it shall be the duty of the county mayor to arrange to sell every tract of such land as expeditiously and advantageously as possible.

(b)  (1)  A committee of four (4) members shall be elected by the county legislative body, from the county legislative body, who, together with the county mayor, shall place a fair price on each tract of land, for which price the land shall be sold. In counties having adopted the provisions of the County Financial Management System Act of 1981, compiled in title 5, chapter 21, the financial management committee created by § 5-21-104 may serve as this committee, instead of the committee as established in this subdivision (b)(1).

     (2)  Such committee may authorize the sale of any tract of land upon such terms as will secure the highest and best sale price, but the credit extended shall not exceed three (3) years and a lien shall be retained to secure purchase price.

     (3)  In no event shall any tract of land be sold for an amount less than the total amount of the taxes, penalty, cost and interest.

     (4)  Interest shall be calculated on the full amount of the taxes, penalty, cost and interest from the time of the acquisition of the land by the county until the sale thereof.

     (5)  If it appears that it is impossible to sell any tract of land for this amount, upon application, the county legislative body in session may grant permission to offer the land for sale at some amount to be fixed by the county legislative body.

     (6)  Whenever the sale of a tract of land is arranged by the county mayor, the deed shall not be executed and the sale shall not become final until ten (10) days after the publication in a newspaper published in the county of a notice of the proposed sale, the name of the purchaser and the terms, conditions and price. The land shall be described in the notice only by number, which shall refer to a description on file with such committee.

     (7)  If anyone, during such ten (10) days, increases the offer made for the land by ten percent (10%) or more, the party making the first offer shall be notified and a day fixed when both parties shall appear and make offers.

     (8)  The tract of land shall be sold to the party making the highest and best offer.

     (9)  Conveyances of the land shall be made without warranties of any sort, and deeds shall be executed by the county mayor or other chief fiscal officer of the county and the county trustee, who shall collect the purchase price at the time of the execution of the deed, and prorate it as provided in this part.

     (10)  The deed shall be prepared by the back-tax attorney as a part of the duties for which the attorney is compensated by the provisions of § 67-5-2410, and no additional compensation shall be allowed.

[Acts 1949, ch. 193, § 2; C. Supp. 1950, § 1612.3 (Williams, § 1051.2); T.C.A. (orig. ed.), §§ 67-2034, 67-2035; Acts 1993, ch. 315, § 8; 2003, ch. 90, § 2.]