Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is a deferral of up to one-half of any real estate ad valorem taxes owed by the property owner on his principal residence. Any deferral of collection of taxes granted by the board of county commissioners shall constitute a perpetual tax lien against the property with priority over any other lien. Interest shall accrue on any tax collection deferral granted by the board of county commissioners at a compounded rate of 4% per annum. For persons who qualify due to disability interest shall accrue at a rate equal to the average yield on 10-year United States treasury bonds for the previous 3 calendar years, plus 1.5% as determined by the state treasurer for the calendar year preceding the year in which application is made. Any tax collection deferral may be prepaid at any time without prepayment penalty.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Eligible property includes principal residence including parcel of land not more than 40 acres.
Description of Eligibility Criteria
An owner is qualified for his primary residence on less than 40 acres if the owner is over the age of 62 years or is a person with a disability as determined by the social security administration, the owner has purchased the property at least 10 years prior to the beginning of the tax year for which he is applying for deferral of taxes.
Local Option in Adoption of Program
Local government must take action to opt in
Local Option Regarding Program Features
Local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
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