42-17302. Election to defer residential
property taxes; qualifications


A. An individual who meets the qualifications prescribed by this section, or the
individual's legal representative, may elect to defer property taxes on the individual's
qualifying residence for a taxable year pursuant to this article.


B. To qualify for the deferral the individual shall meet all of the following
requirements:


1. The individual shall be at least seventy years of age on the date the deferral
claim form is filed.


2. The individual, either individually or with another individual who resides in
the residence, shall own the residence or be purchasing the residence under a recorded
instrument of sale or shall hold the property under the terms of a real estate trust.


3. The individual must either:


(a) Have lived in the current residence for at least six years immediately
preceding the date the deferral claim form is filed.


(b) Have lived in this state for at least ten years immediately preceding the date
the deferral claim form is filed.


4. The individual may not own or have any legal, equitable, beneficial or security
interest in any other residence or other real property, wherever it may be located,
except indirectly through an investment security, such as a mutual fund, that includes
real property among its assets.


C. In the case of a married couple, both spouses shall:


1. Meet the requirements prescribed by subsection B.


2. Consent to the deferral of taxes, regardless of whether both spouses have an
ownership interest in the residence.


D. In addition to the requirements prescribed by subsections B and C, the total
taxable income of all persons residing in the residence for the taxable year immediately
preceding the current year may not exceed ten thousand dollars.