Upon proper application therefor and subject to conditions hereinafter set forth, payment of a portion of the taxes on a qualified property as defined herein, owned and occupied by a qualified resident of the town age 65 or older, is deferred until the property is disposed of by reason of death of the qualified owner-occupant or by reason of transfer or conveyance as hereinafter set forth. The portion of taxes deferred under this section is the amount of any taxes due in the year for which the deferral is claimed which exceeds the taxes due and payable in the base year, provided however that for applications filed in 2003 and 2004 for persons otherwise qualified in 2003, the base year shall be the year based upon the assessment of December 31, 2001.
(Ord. passed 7-3-03)