[Adopted 11-8-1993 by Ord. No. 7-93-0192 (Ch. 16, Art. III, Div. 1, of the 1991 Code)]
Citizens of the Town of Coventry age 65 years or older, 100% totally and permanently disabled, or, in the case of husband and wife, if either is of age 65 years or older, with the property held jointly in both names, who are otherwise eligible and who own and reside in dwellings on real estate which are not income-producing properties, may, if the combined annual income from all sources of owners of title is $12,500 or less, apply annually for deferral of the real estate taxes owing to the Town of Coventry assessed for each year. Persons deemed by the Tax Assessor to be a hardship case shall be eligible to participate in the program. All such deferrals shall be subject to review by the Tax Assessor and approval of the Finance Director and will be granted under the following conditions:
A. 
The applicant must have been a resident of Coventry and must have owned and occupied the subject property for five years prior to application.
B. 
Eligibility income criteria will be adjusted annually based upon cost-of-living allowances as determined by the United States Department of Social Security Administration. Income will be verified by the Tax Assessor.
C. 
The current assessment of the Tax Assessor of the Town of Coventry will be used as a basis for determining the eligibility of the applicant, and no other real estate evaluation will be used.
D. 
The applicant must have reached his or her 65th birthday or, in the case of husband and wife, one of them, on or before the assessment date of the tax for which application for deferral is made, and must apply during the month of December prior to the assessment date for each year in which a tax deferral is applied for.
E. 
Deferrals will be considered only on applications for single-family real estate dwellings which are not income-producing and which are occupied by the applicant as a permanent year-round residence.
F. 
The applicant may choose to defer a percentage of the annual tax, not to exceed 75%, at his or her option.
G. 
The deferred tax shall become a lien upon the property, and the applicant may remove the lien at any time by paying the amount due in full plus interest. The lien shall be recorded by the Town Clerk and shall continue until discharged by full payment of all deferred taxes and all interest thereon.
H. 
Interest on deferred taxes shall accrue at the rate established pertaining to delinquent tax accounts.
I. 
The applicant shall obtain a sufficient amount of fire insurance as shall be required by the Director of Finance for the protection of the Town's lien; the Town shall be named in said policy of insurance as a lienor, and a certificate of the policy shall be filed with the Director of Finance.
J. 
The applicant must reapply annually for each year's deferment on the dwelling in which he resides. On an annual basis, the applicant must submit to the Tax Assessor a statement of his prior year's income as well as all income from all sources of all owners of title as shall be required by the Director of Finance.
K. 
No corporation or partnership or other form of business title holder shall be eligible for a tax deferment nor any holder of life estate or remainder interest. Title ownership eligibility shall be limited to owners in fee simple, joint tenants, tenants in common and tenants by the entirety. In the case of joint tenants or tenants in common, other than husband and wife, all such tenants must be 65 years of age or older, 100% totally and permanently disabled or impoverished and join in the application and the restriction of gross income being $12,500 or less as for husband and wife, and shall apply to such groups of tenants.