SB 485 - This act allows any taxpayer age sixty-five years or older with a household income of seventy thousand dollars or less, or any individual with a disability receiving social security income, may elect to defer any increases in taxes on homestead property beyond the total property taxes paid in the previous year by obtaining a deferral. In order to qualify for a tax deferral, the following requirements must be met: (1) The property must be the homestead of the taxpayer who files the claim for deferral, except for a taxpayer required to be absent from the homestead by reason of health who owns the dwelling jointly with one or more individuals who qualify for the deferral; (2) The homestead must be located in a county with a charter for of government and with more than one million inhabitants; (3) There must be no prohibition to the deferral of property taxes contained in any provision of federal law, rule or regulation applicable to a mortgage, trust deed, land sale contract or conditional sale contract for which the homestead is security; (4) The equity interest in the homestead must equal or exceed ten percent of the true value in money of the homestead; and (5) The taxpayer claiming the deferral must show proof of, and maintain throughout the deferral period, insurance on the homestead in an amount equal to or exceeding the assessed value of the homestead. A taxpayers claim for deferral must be filed with the county assessor. The county assessor must forward each claim to the Director of Revenue who will determine if the property is eligible for deferral. The interest rate on the deferred amount of taxes will be two percent annually. The Director of Revenue will have a lien on the homestead property in the amount of deferred taxes and interest due. The lien created under this section will not have priority over the lien of mortgages, trust deeds or security interests which are recorded or noted on a certificate of title prior to the attachment of the lien for deferred taxes. Deferred taxes and interest will become due and payable when: (1) The taxpayer who claimed the deferral dies; (2) The homestead property is sold or otherwise transferred; (3) The tax-deferred property is no longer the property of the taxpayer who claimed the deferral; (4) The tax-deferred property is a manufactured structure or floating home which is moved out of the state. The provisions of this act shall automatically sunset five years from the acts effective date. JASON ZAMKUS