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.