RESOLUTION NO. 25-01

A RESOLUTION REQUESTING THE 114th SESSION OF THE TENNESSEE GENERAL ASSEMBLY TO ALLOCATE ONE HALF OF THE REAL ESTATE TRANSFER TAX TO THE COUNTY WHERE THE TAX WAS COLLECTED, ON A RECURRING BASIS.

WHEREAS, for many years, the State of Tennessee has imposed a tax of $0.37 per $100 of value for the privilege of publicly recording documents evidencing all transfers of realty, whether by deed, court deed, decree, partition deed, or other instrument evidencing transfer of any interest in real estate; and

WHEREAS, although this tax is collected locally, it is currently remitted to the State and the revenue is not made available for use by local officials to address needs in the community where the tax is collected; and

WHEREAS, county governments have few revenue options available to them for funding the many crucial governmental services mandated by state law and are therefore largely dependent upon property tax to fund these services; and

WHEREAS, county governments have been fiscally disciplined, allowing Tennessee to remain a low property tax burden state; however, county budgets are increasingly strained by factors such as inflation, challenges in recruiting and retaining qualified staff, and requirements to meet state mandates like increasing teacher compensation; and

WHEREAS, many counties are experiencing rapid population growth as families are choosing to move to Tennessee and settle in its communities, adding to the demand for county services and infrastructure which are necessary to maintain the quality of life all Tennesseans expect and deserve; and

WHEREAS, the State continues to experience revenue collections in excess of budgeted estimates, allocating one half of the real estate transfer tax on a recurring basis to the county where collected would take pressure off local property taxes and allow for investment in infrastructure and services without unduly burdening state finances and without increasing the rate of this tax;

NOW, THEREFORE, BE IT RESOLVED, by the Hickman County Legislative Body, meeting in regular session this 27th day of January, 2025, that:

The County of Hickman hereby requests that one half of the tax collected pursuant to Tennessee Code Annotated § 67-4-409 be shared with the County where collected on a recurring basis.

BE IT FURTHER RESOLVED: That the Chairman of this County legislative body and the County Clerk certify and forward this resolution to the members of the Tennessee General Assembly representing this County.

BE IT FURTHER RESOLVED THAT THIS RESOLUTION TAKE EFFECT FROM AND AFTER ITS PASSAGE, THE PUBLIC WELFARE REQUIRING IT.

Sponsors: Dusty Jordan, District 5 Commissioner; Danny Clark, District 2 Commissioner

Motion: Dusty Jordan; second: Danny Clark.

Commission action: 10 Aye, 0 Nay, 3 Absent — Adopted.

Board action: Adopted (January 27, 2025).