Page:United States Statutes at Large Volume 88 Part 1.djvu/1103

 88 STAT. ]

PUBLIC LAW 93-407-SEPT. 3, 1974

1059

(c) Xo further deferrals of real property tax shall be granted a Limitation. taxpayer when his deferred tax plus interest equals more than 10 per centum of the current assessed value of his property. (d) Taxes deferred under this section, together with all accumulated ^. Preferential interest, shall constitute a preferential lien upon the real property which shall be immediately payable by the seller, transferor, or conveyor whenever the real property is sold, refinanced, transferred, or conveyed in any manner, or whenever additional co-owners (other than spouse) are added to the real property, SKC. 436. (a) Any owner of residential real property whose com- ^•'^- code 47bined household adjusted gross income is in excess of $20,000, and who meets the qualifications specified in clauses (1), (3), (4), (5), and (6) of subsection (a) of section 435, may defer the amount of real property tax attributable to an increase by more than 25 per centum in any one year over the assessment of the immediately previous fiscal year. For the purposes of this section and section 435, for the fiscal year 1975 the assessed value of all properties assessed at 55 per centum of estimated market value shall be the assessed value of the property divided by 0.55, (b) Taxes deferred under this section shall bear interest com- interest. pounded annually. Notwithstanding any other provision of law, the rate of interest which shall be applied in each year is the average Treasury bill rate for the preceding twelve months as certified by the Secretary of the Treasury to the Commissioner, (c) No further deferrals of real property tax shall be granted a Limitation. taxpayer when his deferred tax plus interest equals more than 10 per centum of the current assessed value of his property, Preferential (d) Taxes deferred under- this section, together with all accumulated lien. interest, shall constitute a preferential lien upon the property which shall be immediately payable by the seller, transferor, or conveyor whenever the property is sold, refinanced, transferred, or conveyed in any manner, or whenever additional co-owners (other than spouse) are added to the property. (e) The deferral provided in this section shall terminate June 30, Termination date. 1079 unless specifically extended by the Council. SUBPART G-—DISPOSAL OF TAX D E L I N Q U E N T PROPERTY TO ENCOURAGE HOMEOWNERSHIP

SEC. 437. Notwithstanding any other provision of law, whenever any real property in the District of Columbia has been, or shall hereafter be, offered for sale for nonpayment of taxes or assessments of any kind whatsoever, and shall have been bid off in the name of the District of Columbia, and two years or more have elapsed since such property was bid off as aforesaid, and the same has not been redeemed as provided by law, the Commissioner of the District may enforce the lien of the District for taxes or other assessments on such real property by ordering that a deed in fee simple to such property be issued by the Commissioner of the District of Columbia to the District of Columbia, and up to the time of the issuance of the deed such property may be redeemed by the owner or other person having an interest therein by the payment of all taxes or assessments due the District of Columbia upon said property, and all legal penalties, interest and costs thereon, together with such other expenses and costs, including costs of publication, as may have been incurred by the District. SEC. 438. The Council is hereby authorized to establish a program whereby title to properties acquired by tax sale pursuant to section

D.C. Code 47657.

D.C. Code 47658.

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