2005 Idaho Code - 63-714 — APPLICATION -- DEFERRAL OF PROPERTY TAX

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 7
                             PROPERTY TAX RELIEF
    63-714.  APPLICATION -- DEFERRAL OF PROPERTY TAX. (1) A qualified claimant
may elect, upon the application for property tax relief filed under section
63-703, Idaho Code, to defer payment of any property tax due after application
of all benefits available under section 63-704, Idaho Code. The state tax
commission shall prescribe the form and manner by which the election must be
made and may require that the application include information establishing the
outstanding balance of any encumbrances, proof of insurance of an amount
adequate for the amount of deferred tax and interest, and such other
information as the state tax commission reasonably determines to be necessary.
The state tax commission may require written or other proof of the
encumbrances or casualty insurance in such form as the state tax commission
may determine.
    (2)  No application for deferral of property taxes shall be granted if:
    (a)  The application fails to show sufficient equity in that property
    after consideration of encumbrances that are superior to any liens for
    deferral to secure the payment of all existing deferrals granted in the
    property; or
    (b)  The application fails to show proof of insurance of an amount
    adequate for the amount of the deferred tax and interest; or
    (c)  The result would be to defer property taxes which, together with the
    amount of property tax and interest previously deferred on the same
    property, would exceed fifty percent (50%) of the qualified claimant's
    proportional share of the market value of the qualified property.