WILLIAM DONALD SCHAEFER, Governor Ch. 652

BE LESS THAN THE DWELLING AND CURTILAGE, AS DETERMINED BY
THE SUPERVISOR;

(3) THE DURATION OF THE PAYMENT DEFERRAL UNDER
SUBSECTION (A) OF THIS SECTION;

(4) THE RATE OF INTEREST TO BE PAID ON THE COUNTY
PROPERTY TAX PAYMENT FROM THE DUE DATE WITHOUT A DEFERRAL
UNTIL THE DATE THAT THE COUNTY PROPERTY TAX IS PAID;

(5) THAT ANY MORTGAGEE OR BENEFICIARY UNDER A DEED
OR TRUST BE ENTITLED TO RECEIVE NOTICE OF THE DEFERRAL AND OF
THE AMOUNT OF TAX TO BE DEFERRED; AND

(6) THE LEVEL OF INCOME TO DETERMINE ELIGIBILITY FOR
THE PAYMENT DEFERRAL UNDER SUBSECTION (A) OF THIS SECTION.

(P) THE COUNTY PROPERTY TAX THAT IS DEFERRED UNDER THIS
SECTION AND ANY INTEREST SPECIFIED IN SUBSECTION (C)(4) OF THIS
SECTION ARE DUE WHEN THE DEFERRAL ENDS AS SPECIFIED IN
SUBSECTION (C)(3) OF THIS SECTION OR IMMEDIATELY UPON TRANSFER
OF OWNERSHIP OF THE PROPERTY FOR WHICH THE PROPERTY TAX HAS
BEEN DEFERRED.

(E) THE GOVERNING BODY OF MONTGOMERY COUNTY SHALL
SPECIFY THE CUMULATIVE AMOUNT OF THE DEFERRAL AND RELATED
INTEREST IN THE TAXPAYER'S ANNUAL PROPERTY TAX BILL.

(F) A LIEN SHALL ATTACH TO THE PROPERTY IN THE AMOUNT OF
ALL DEFERRED TAXES AND INTEREST. THE LIEN SHALL REMAIN
ATTACHED UNTIL THE DEFERRED TAXES AND INTEREST ARE PAID.

(G) THE GOVERNING BODY OF MONTGOMERY COUNTY SHALL
AUTHORIZE THE DEFERRAL BY WRITTEN AGREEMENT. THE
AGREEMENT SHALL REFLECT THE TERMS AND CONDITIONS OF THE
DEFERRAL, INCLUDING NOTICE OF THE LIEN. THE AGREEMENT SHALL
BE RECORDED IN THE LAND RECORDS OF THE COUNTY.

(H) PENALTIES MAY NOT BE CHARGED DURING THE PERIOD OF
THE DEFERRAL ON ANY TAX PAYMENTS DEFERRED UNDER THIS
SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 29, 1990.

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