Section 4749.5 - Conditions of deferral or exemption(a) General rule.--Any deferral or exemption of payment of an increase in real property taxes granted pursuant to this act shall be limited to real property which meets all of the following conditions: (1) The property is owned and occupied by a longtime owner-occupant.(2) The property is the principal residence and domicile of the longtime owner-occupant.(b) Penalties and interest.--No penalties and interest shall accrue on the portion of the deferral pursuant to this act.(b.1)Counties of the first class.--Upon the determination by the governing body of a county of the first class to provide relief authorized by this act, such relief shall apply to real property taxes owed either to a city or school district of the first class.(c) Financial need or age.--(1) Upon the determination by the governing body of a county of the first class to provide relief authorized by this act:(i) For tax years 2014 through 2023, the governing body shall use financial need or age, or both, of the longtime owner-occupant to determine eligibility.(ii) Beginning with tax year 2024, the governing body may use financial need or age, or both, of the longtime owner-occupant to determine eligibility.(2) School districts and municipalities within a county of the second class may determine whether financial need, age, or both, of the longtime owner-occupant shall be used to determine eligibility.Amended by P.L. 1077 2013 No. 94, § 1, eff. 11/27/2013.1988, Dec. 13, P.L. 1190, No. 146, § 5, imd. effective.