Redemption -- Adjustment or deferral of taxes -- Interest.
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(1)
(a) If an interested person applies to a county legislative body for an adjustment or deferral of taxes levied against property located in the county, the county legislative body may accept a sum less than the full amount due, or defer the full amount due, where, in the judgment of the county legislative body, the best human interests and the interests of the state and the county are served.
(b) Nothing in this section prohibits a county legislative body from granting a retroactive adjustment or deferral if the criteria established in this section are met.
(2)
(a) In an application for an adjustment or deferral described in Subsection (1), the applicant shall include a statement setting forth the following:
(i) a description of the property;
(ii) the value of the property for the current year;
(iii) the amount of delinquent taxes, interest, and penalties;
(iv)
(A) for an adjustment, the amount proposed to be paid; or
(B) for a deferral, the amount proposed to be deferred; and
(v) any other information required by the county legislative body.
(b) The commission shall prepare blank forms for an application for an adjustment or deferral under this section.
(3)
(a) A county legislative body may not grant a deferral without the written consent of the holder of any mortgage or trust deed outstanding on the property.
(b) Any amount deferred shall be recorded as a lien on the property and shall bear interest at a rate equal to the lesser of:
(i) 6%; or
(ii) the federal funds rate target:
(A) established by the Federal Open Markets Committee; and
(B) that exists on the January 1 immediately preceding the day on which the taxes are deferred.
(c) The amount deferred together with accrued interest is due and payable when the property is sold or otherwise conveyed.
(4) Within 10 days after the day on which a county legislative body grants an adjustment or deferral, the county legislative body shall cause the adjustment or deferral to be posted in the county where the property involved is located. The publication shall contain:
(a) the name of the applicant;
(b) the parcel, serial, or account number of the property;
(c) the value of the property for the current year;
(d) the sum of the delinquent taxes, interest, and penalty due; and
(e) the adjusted amount paid or deferred.
(5) No later than the last day of each calendar month, each county legislative body shall send to the commission a record of any action taken by the county legislative body under this section during the preceding calendar month.