JACKSON Tenn – Mayor Jerry Gist announced the City has completed its investigation on whether taxpayers are due a refund for early payment of taxes.
Gist said, “After careful consideration of the state laws governing discounts for early payment, it has been determined that the City owes Nine Dollars ($9.00) to nine taxpayers; one dollar ($1.00) to each.”
Tennessee Code Section 67-1-707 allows the City Recorder to make adjustments and refunds with taxpayers to correct errors, but only for one year. So the only refunds that State law allows the City to make are for 2014.
The discount rate the City uses is based on the auction rate of ninety (90) day United States Treasury bills. It was so low in 2014; a taxpayer making a $40,000.00 tax payment was due a refund of $1.00. The effect of the error is that in 2014, 9 taxpayers were each due a $1.00 refund.
Gist says a recommendation will be made to the Jackson City Council to replace the current code regarding reductions for early payment and replace it with a more simplified code that follows current state statutes.
