1. (a) If the applicant is qualified for a deferral, the county auditor shall:

   1. (1) approve the deferral in the lesser of:

      1. (A) the amount requested by the applicant, which may not be less than one hundred dollars ($100); or
      2. (B) the maximum amount, which is five hundred dollars ($500);
   2. (2) provide for the recording of the deferral in the county recorder's office specifying the amount of property tax deferred; and
   3. (3) notify the county treasurer and the department of local government finance of the amount deferred.
2. (b) An applicant must enter into a tax deferral agreement with the county auditor for each year that homestead property taxes are deferred under this chapter.
3. (c) The recording of a deferral in the county recorder's office shall constitute a lien on the homestead property.

As added by P.L.68-2025, SEC.85.