(A) Property taxes due for any tax year with respect to any residential dwelling occupied by the owner or owners and for whom the dwelling is the primary place of residence, may be abated to the extent that such property taxes exceed 8% or more of the total income from any source, adjusted for self-employed persons to reflect the allowance for expenses in determining adjusted gross income for federal income tax purposes, of such owner or owners and any other person for whom such dwelling is the primary place of residence, for the calendar year immediately preceding the beginning of the tax year for which such taxes are due; and
(B) Applications for such abatement shall be made not later than 30 days preceding the tax due date for such tax year, provided if the amount of such taxes has not been determined on such date, within ten days following determination of the amount of such taxes.
(C) If the town approves such application for abatement, then not later than ten days following the tax due date for such taxes abated, the owner or owners shall deliver to the tax collector, an agreement, on a form executed and acknowledged in the form and manner required for the transfer of an interest in real property, to reimburse the town in the amount of the taxes abated, with interest at 6% annum (or such other rate as approved by the Council) that contains a legal description of the real property with respect to which such abatement is approved and shall be recorded in the lands records of the town.
(D) Such agreement shall constitute a lien on such real property, which shall remain valid until paid. Such lien shall be due and payable in full upon sale or transfer of such real property or upon the death of the owner, or if owned by more than one person at the time such lien is created, upon the death of the last of such owners surviving. Such lien shall be released by the tax collector in the town when the taxes are secured thereby and have been paid. No lien recorded under the provision of this subchapter shall take precedence over any mortgage recorded in the land records prior to such certificate of lien.
(E) Approval of any request for abatement pursuant to this subchapter shall be at the town's sole discretion and shall automatically cease upon transfer or sale of the property or the death of the owner(s).
(Ord. 549, passed 5-7-07)