3-3-14: DEFERRAL OF PAYMENT OF TAX:
A. The town council may defer payment of the tax imposed by this chapter if:
1. A written request for the deferral of the tax is submitted to the town council and approved by it prior to the recording of the deed(s) or other instrument(s) giving rise to the tax;
2. The amount of the tax due is two hundred fifty thousand dollars ($250,000.00) or more; and
3. The town council determines that the town will receive a substantial tangible benefit, other than the tax itself, from the transaction giving rise to the tax.
B. Upon determining that all of the conditions set forth in subsection A of this section have been satisfied, the town council may defer payment of the tax imposed by this chapter for a period not to exceed five (5) years upon such terms and conditions as it may determine to be in the best interest of the town; provided, however, that interest on the deferred tax shall be paid at a rate as determined by the town council.
C. Notwithstanding the deferral of the tax imposed by this chapter, the lien created by section 3-3-12 of this chapter shall continue as a first and prior lien upon the property (except for the lien of the general property taxes and special assessment liens) until the tax is fully paid. (Ord. 30, Series 2021)