§ 40-59.4. Conditions and amount of deferral; payment of deferred amounts.

(a)

The deferred amount may include all or any portion of the real estate tax which is greater than one hundred five (105) percent of the real estate tax on the property in the previous tax year, the amount to be deferred to be elected by the applicant.

(b)

The deferred amount shall be subject to interest computed at the rate established pursuant to Section 6621 of the United States Internal Revenue Code.

(c)

The accumulated amount of taxes deferred and interest shall be paid to the treasurer of the city by the owner upon the sale or transfer of the property, or from the estate of the decedent within one (1) year after the death of the owner.

(d)

If the real estate is jointly owned and all such owners applied and qualified for deferral, the death of one of the joint owners shall not disqualify the surviving owner or owners from participating in the deferral program. All accumulated deferred taxes and interest shall be paid within one (1) year of the date of death of the last qualifying owner.

(e)

The accumulated amount of tax deferred and interest shall constitute a lien upon the real estate.

(Ord. No. 7536-19, § 1)

(Ord. No. 7536-19, § 1)