1997 Minnesota Statutes

     290B.07 Lien; deferred portion. 

    Payment by the state to the county treasurer of taxes 
 deferred under this section is deemed a loan from the state to 
 the program participant.  The commissioner must compute the 
 interest as provided in section 270.75, subdivision 5, but not 
 to exceed five percent, and maintain records of the total 
 deferred amount and interest for each participant.  Interest 
 shall accrue beginning September 1 of the payable year for which 
 the taxes are deferred.  The lien created under section 272.31 
 continues to secure payment by the taxpayer, or by the 
 taxpayer's successors or assigns, of the amount deferred, 
 including interest, with respect to all years for which amounts 
 are deferred.  The lien for deferred taxes and interest has the 
 same priority as any other lien under section 272.31, except 
 that liens, including mortgages, recorded or filed prior to the 
 recording or filing of the notice under section 290B.04, 
 subdivision 2, have priority over the lien for deferred taxes 
 and interest.  A seller's interest in a contract for deed, in 
 which a qualifying homeowner is the purchaser or an assignee of 
 the purchaser, has priority over deferred taxes and interest on 
 deferred taxes, regardless of whether the contract for deed is 
 recorded or filed.  The lien for deferred taxes and interest for 
 future years has the same priority as the lien for deferred 
 taxes and interest for the first year, which is always higher in 
 priority than any mortgages or other liens filed, recorded, or 
 created after the notice recorded or filed under section 
 290B.04, subdivision 2.  The county treasurer or auditor shall 
 maintain records of the deferred portion and shall list the 
 amount of deferred taxes for the year and the cumulative 
 deferral and interest for all previous years as a lien against 
 the property on the property tax statement.  In any 
 certification of unpaid taxes for a tax parcel, the county 
 auditor shall clearly distinguish between taxes payable in the 
 current year, deferred taxes and interest, and delinquent 
 taxes.  Payment of the deferred portion becomes due and owing at 
 the time specified in section 290B.08.  Upon receipt of the 
 payment, the commissioner shall issue a receipt for it to the 
 person making the payment upon request and shall notify the 
 auditor of the county in which the parcel is located, within ten 
 days, identifying the parcel to which the payment applies.  Upon 
 receipt by the commissioner of revenue of collected funds in the 
 amount of the deferral, the state's loan to the program 
 participant is deemed paid in full. 

    HIST: 1997 c 231 art 14 s 10