Benton County asks Tennessee Legislature to return half of real estate transfer tax to counties
Loading...
Summary
At its Nov. 18 meeting the Benton County Board of Commissioners passed a resolution asking the 114th Tennessee General Assembly to allocate half of the $0.37-per-$100 real estate transfer tax to the county where it is collected, arguing local budgets are strained and that sharing the revenue would reduce pressure on property taxes.
Benton County Mayor Mark Ward sponsored a resolution asking the 114th Session of the Tennessee General Assembly to allocate one half of the state’s real estate transfer tax to the county where the tax is collected.
The measure notes that Tennessee’s transfer tax is currently $0.37 per $100 of value and that although the tax is collected locally, the revenue is remitted to the state. The resolution states that returning half of those proceeds to the collecting county would help relieve pressure on local property taxes and allow investment in infrastructure and services without increasing the tax rate.
The board approved Resolution No. 20241118-02 on a roll-call vote, 14–0 with four commissioners absent. Jeff Murphy moved the resolution and Kenneth Miller seconded it. The resolution directs the county chairman and county clerk to certify and forward the measure to the county’s members of the Tennessee General Assembly.
Why it matters: county officials say counties have limited revenue options and face higher costs from inflation, workforce recruitment and state-mandated expenses; county leaders framed the request as a revenue-sharing change that would be recurring and targeted to the community where the tax is collected.
Next steps: the board’s certification will be transmitted to the county’s state legislators for consideration during the 114th Session of the General Assembly. No state action was recorded at this meeting.