(A)   Tax relief according to this subchapter shall be the deferral method.
   (B)   Deferred tax shall accumulate without penalty or interest and shall be paid to the town by the vendor upon the sale of the property, or from the estate of the descendent within one year after the death of the last owner thereof who qualifies for the deferral by the provisions of this subchapter.
   (C)   Such deferred real estate taxes shall constitute a lien upon the said real estate as if they had been assessed without regard to the deferral permitted by this subchapter; provided, however, that such liens shall, to the extent that they exceed in the aggregate 10% of the price for which such real estate may be sold, be inferior to all other liens or records.
(1996 Code, § 148-29)