Deferred tax for homeowners

A. Upon proper application, a property owner who qualifies for a home exemption with respect to payments due in the tax year ending June 30, 1991, and who also qualified for a home exemption for the same property in the immediately preceding tax year, shall be entitled to deferral of a portion of any increase in total tax due in the current tax year; provided that, for the purposes of this section, a property owner shall be deemed to have qualified for a home exemption in the immediately preceding tax year if the property was received from the owner's spouse or parent who had qualified for a home exemption for the property in the immediately preceding tax year. B. The amount deferred for the tax year ending June 30, 1991, shall equal the amount by which the payments due for that tax year, without penalties and interest, exceed the adjusted tax for the preceding tax year. 1. The adjusted tax for the preceding tax year shall equal the sum of the following: a. The payments due for the preceding tax year, without penalties and interest, less any amounts deferred under this section in that year; b. Three percent thereof; and c. The portion of payments due for the current tax year, without penalties and interest, which is attributable to improvements made between the date of assessment for the preceding tax year, and the date of assessment for the current tax year. 2. For the tax year ending June 30, 1991, "preceding tax year" means the later of: a. The tax year ending June 30, 1987, and from which the home exemption continued without interruption until the tax year ending June 30, 1991; or b. The first tax year for which a home exemption had been allowed to the taxpayer for the property, and from which the home exemption continued without interruption until the tax year ending June 30, 1991. C. A claim for deferral under this section shall be filed on or before September 30, 1990. The director may prescribe appropriate forms and require such proof as are reasonably necessary to implement this section. The director shall review each claim and shall determine eligibility for deferral. The director shall notify each applicant whose claim has been denied by December 20, 1990. D. The amount deferred shall be offset against the payment due February 20, 1991. The amount of the deferred tax in excess of the payment due February 20, 1991, shall be paid by warrant in the name of the claimant. The warrant shall be issued subject to audit. E. Once filed, a claim shall have continuing effect until the property no longer qualifies for a home exemption, or until the property is transferred to a person not entitled to a deferral of tax under this section, or until the claimant withdraws the claim. F. The director shall determine the amount deferred. The director shall promulgate rules establishing appeals procedures for disputes over the amount deferred. G. Amounts deferred shall be paid by the current owner of the property within sixty days after the property no longer qualifies for a home exemption, or after property is transferred to a person not entitled to a deferral of tax under this section. Interest and penalties shall not accrue until the sixty-day period expires. Amounts deferred may be paid earlier, without penalty. H. The director may promulgate rules to clarify and implement this section. Any such rules promulgated by the director shall include provisions dealing with the transfer of a property to a trust. (Ord. 2016 § 2, 1991: Ord. 1927 § 3, 1990)