The deferred taxes become a lien on the residence and the most recent three years of deferred taxes preceding a disqualifying event become due with interest upon one of the following disqualifying events:
- the owner transfers the residence;
- the owner dies;
- the owner ceases to use the property as a permanent residence.
You must apply for the opportunity to defer property taxes each and every year that you wish to defer taxes. Applications must be made prior to June 1 of the year for which exemption is desired.