1. (a) The municipal assessing officials may annually grant an eligible applicant a property tax deferral if:

   1. (1) In their opinion, the property taxes due on the applicant’s homestead causes the applicant:

      1. a. An undue hardship; or
      2. b. Possible loss of the applicant’s homestead; and
   2. (2) The total of property tax deferrals on the applicant’s homestead is not more than 85% of the equity value in the applicant’s homestead.

2. (b) A property tax deferral is granted:

   1. (1) Only at the discretion of the municipal assessing officials; and
   2. (2) For all or part of the property taxes due on the applicant’s homestead.

Source. #12027, eff 10-28-16; renumbered by #12925 (formerly Rev 417.01)