Sec. 74-71. - Application; conditions for granting.

Citizens of the city age 65 years or older, or, in the case of a husband and wife, if either is age 65 years or older with the property held jointly in both names, who are otherwise eligible and who own and reside in dwellings on real estate, excluding mobile homes and house trailers, which are not income-producing properties, if the combined annual income from all sources of the husband and wife is $12,000.00 or less, or in the case of a single person if his or her gross income from all sources is $12,000.00 or less, may apply annually for one deferment per unit for deferral of the real estate taxes owing to the city assessed for each year, and such deferral, subject to approval of the finance director, will be granted under the following conditions: (1)

The applicant must have been a resident of the city and must have occupied the subject property for five years prior to his/her application.

(2)

No tax deferral will be granted on an application for a real property unit assessed by the tax assessor at $70,000.00 or more.

(3)

The current assessment of the tax assessor of the city will be used as a basis for determining the eligibility and the equity of the applicant, and no other real estate evaluation will be used.

(4)

The applicant must have reached his/her 65th birthday or, in the case of husband and wife, one of them, on or before the assessment date of the tax for which application of deferral is made, and must apply during the month of December prior to the assessment day for each year in which a tax deferral is applied for.

(5)

Deferrals will be considered only on applications for single-family real estate dwellings which are not income producing, and which are occupied by the applicant as a permanent residence.

(6)

The applicant may choose to defer either 50 percent or 100 percent of the annual tax at his/her option.

(7)

The deferred tax shall become a lien upon the property, and the applicant may remove the lien at any time by paying the amount due in full plus interest. The lien shall be recorded by the city clerk and shall continue until discharged by full payment of all deferred taxes and all interest thereon.

(8)

Interest on deferred taxes shall accrue at the rate established pertaining to delinquent tax accounts.

(9)

Deferments of taxes will be granted if the application shall be approved, only up to the amount of the equity owned by the applicant in the specific unit applied for.

(10)

A sufficient amount of fire insurance obtained by the applicant shall be required by the director of finance for the protection of the city's lien. The city shall be named in said policy of insurance as a lienor, and a certificate of the policy shall be filed with the director of finance.

(11)

The applicant must reapply annually for each year's deferment on the unit in which he/she resides, and a token payment of $1.00 shall be paid with the application form and applied to the applicant's annual tax. He/she must submit information with his/her annual application of his/her prior year's gross income as well as his/her wife's/husband's gross income from all sources, as shall be required by the director of finance.

(12)

No corporation or partnership or other form of business titleholder shall be eligible for a tax deferment, nor any holder of a life estate or remainder interest. Title ownership eligibility shall be limited to owners in fee simple, joint tenants, tenants in common and tenants by the entirety. In the case of joint tenants or tenants in common other than husband and wife, all such tenants must be 65 years of age or older and joint in the application and the restriction of gross income being $12,000.00 or less as for husband and wife shall apply to such groups of tenants.

(Code 1971, § 21-31)