42-17303. Property entitled to tax deferral
To qualify for deferral of property taxes the residence shall meet all of the following requirements:
1. It must be the taxpayer's primary residence.
2. It must not be income producing.
3. It may not have a full cash value, as determined by the county assessor for the current tax year, of more than one hundred fifty thousand dollars.
4. It may not be subject to the lien of any mortgage, reverse mortgage, deed of trust or other real property security interest that has been of record for less than five years before the date the deferral claim form is filed.
5. All property taxes must be paid for years preceding the year for which the initial election is made.