Chapter
1
Appraisal and Property Requirements, Unique Properties, Forest
and Farm Property Tax Deferral Programs,
Page 1-17f
The
programs provide a deferral of a portion of the property taxes when
the land qualifies under these uses. The "deferred" portion
of the taxes are eventually totally forgiven if that land use continues
for a specified period of time.
Farm
or forest deferral of taxes does not make a property ineligible
for mortgage insurance. If it is likely that the farm or forest
use will not continue, a termination of deferral and payment of
all deferred taxes must be required.
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