A claimant may defer payment of fifty percent of special assessments or real property taxes, or both, in any year in which all of the following conditions are met:

     (1) The special assessments or property taxes must be imposed upon a residence that was occupied by the claimant as a principal place of residence as of January 1st of the year in which the assessments and taxes are due, subject to the exceptions allowed under RCW 84.36.381(1);

     (2) The claimant must have combined disposable income, as defined in RCW 84.36.383, of fifty-seven thousand dollars or less in the calendar year preceding the filing of the declaration;

     (3) The claimant must have paid one-half of the total amount of special assessments and property taxes listed on the tax statement for the year in which the deferral claim is made;

     (4) A deferral is not allowed for assessments or taxes levied in the first five calendar years in which the person owns the residence;

     (5) The claimant who defers payment of special assessments or real property taxes, or both, under this section must also meet the conditions of RCW 84.38.030 (4) and (5);

     (6) The total amount deferred by a claimant under this chapter must not exceed forty percent of the amount of the claimant's equity value in the claimant's residence;

     (7) The claimant may not defer taxes under both this chapter and chapter 84.38 RCW; and

     (8) In the case of deferred special assessments, the claimant must have opted for payment of the assessments on the installment method if this method was available.

[2007 sp.s. c 2 § 2.]