[Adopted 5-16-2005 by Ord. No. 05-13]
The Town Council of the Town of Lincoln finds that certain senior citizens of the Town are in need of relief from ever-increasing real estate property taxes. Consequently, the Town Council adopts the Senior Citizen Tax Deferment Program to ease the financial strain placed upon certain senior citizens.
The following words, terms, and phrases, when used in this article, shall have the meanings ascribed to them in this section:
ADJUSTED GROSS INCOME (AGI)
That income reported to the Internal Revenue Service as adjusted gross income (AGI) for income tax purposes.
PRIMARY RESIDENCE
A developed parcel of real estate consisting of a residential dwelling used as a primary residence.
SENIOR CITIZEN
A Lincoln resident who is 68 years of age or older.
A person is eligible for the Senior Citizen Tax Deferment Program if that person is:
A. 
A senior citizen.
B. 
Total household AGI for the year is below $25,000 for a single senior citizen and $30,000 for a household.
C. 
Owns a primary residence and no other real estate.
A. 
A senior citizen must file annually a form to be provided by the Tax Assessor on or before April 15. Along with that form, the senior citizen shall provide proof of identity by presenting a driver's license or birth certificate with one other form of identity.
B. 
In addition, the senior citizen shall also present a copy of his/her federal tax return on or before April 15 annually.
C. 
A copy of a deed to the property shall also be presented establishing that the property is held in fee simple by the senior citizen or in his/her revocable living trust. A primary residence not held as fee simple or in a revocable living trust shall not be eligible for a deferment.
A. 
A qualified senior citizen shall be granted on an annual basis the deferment of any tax increase for the year.
B. 
The collection of those taxes so deferred shall be deferred until the sale of the primary residence by the qualified senior or upon his/her death. Interest shall accrue at a rate equal to the Social Security COLA.
C. 
A lien or similar certificate shall be filed in the land evidence records indicating that the primary residence of the qualified senior citizen is in the deferred tax program. The office of the Finance Director shall maintain an annual list of qualified senior citizens/properties and the amounts due thereon.