City of Jackson releases results of property tax refund investigation
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JACKSON, Tenn. — The city has completed its investigation on whether taxpayers are due refunds for early property tax payments. City leaders determined the city owes $9 to nine taxpayers, owing $1 to each, according to a release from the city. Tennessee law allows the city recorder to make adjustments and refunds only for one year, meaning the city only owes refunds for 2014, according to the release. Mayor Jerry Gist said the city passed an ordinance in 1990 giving people a discount if they pay property taxes early. Gist said last week that taxpayers have not received discounts since 2004, when the state started printing the city‘s tax bills. The discount rate the city uses is based on the auction rate of 90 day United States Treasury bills. It was so low in 2014, a taxpayer making a $40,000 tax payment was due a refund of $1, the release states. A recommendation will be made to the City Council to replace the current code regarding reductions for early payment with a more simplified system that follows current state statutes, the release states.
