Approval; requirement to enter into a deferral agreement;

# (1)

approve the deferral in the lesser of:

# (A)

the amount requested by the applicant, which may not be less than one hundred dollars ($100); or

# (B)

the maximum amount, which is five hundred dollars ($500);

# (2)

provide for the recording of the deferral in the county recorder's office specifying the amount of property tax deferred; and

# (3)

notify the county treasurer and the department of local government finance of the amount deferred.

(b) An applicant must enter into a tax deferral agreement with the county auditor for each year that homestead property taxes are deferred under this chapter.

(c) The recording of a deferral in the county recorder's office shall constitute a lien on the homestead property.
As added by P.L.68-2025, SEC.85.