An applicant meeting the requirements of this Article shall be entitled to an exemption or deferral of all real estate tax and assessment liability, as applicable, on the dwelling and the land on which is it situated, up to a maximum of one (1) acre.

The qualifying taxpayer may choose to defer a lesser amount than allowed above.

The accumulated amount of deferred real estate taxes for the period, including but not exceeding the five (5) immediately preceding years, shall be paid without penalty and without interest to the Treasurer of the Town of Front Royal by the vendor upon the sale or gift of the property, or from the estate of the descendant within one (1) year after the death of the last owner thereof who qualified for tax deferral under the provisions of this Article.  Such deferred real estate taxes shall constitute a lien upon said property as if the taxes had been assessed without regard to the deferral permitted by this Article, provided that such liens shall, to the extent that they exceed in the aggregate ten percentum (10%) of the price for which such property may be sold, be inferior to all other liens of record, and further provided that payment of the accumulated amount of real estate taxes for the period, including but not exceeding the five (5) immediately preceding years, shall serve to satisfy real estate tax liens, but not assessment liens, for all tax years.  A record of the taxes and assessments deferred under the provisions of this Article shall be retained in the office of the Treasurer of the Town of Front Royal.