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2019 Tennessee Code
Title 13 - Public Planning and Housing
Chapter 30 - Tennessee Local Land Bank Program
§ 13-30-116. Exemption from state taxes -- Payment of unpaid taxes -- Proceeds of sales -- Revenue.
Universal Citation: TN Code § 13-30-116 (2019)
(a) In accordance with §§ 67-5-2505 [repealed], 67-5-2507, 67-5-2508, 67-5-2509, and [former] 67-5-2514, the corporation is exempt from any state taxation.
(b) Additionally, the corporation has the power to pay any unpaid taxes due and owing by the owner of record of the real property, or make any government mandated improvements to the property, in exchange for the deed of real property to the corporation.
(c) All proceeds from the sale of real property held in the land bank shall be returned to the corporation.
(d) All corporate revenue shall be held by the board of directors, and proceeds shall only go to furthering the aims of the acquisition and/or resale of real property by the corporation for the land bank.
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