Sec. 4. As used in this chapter, "qualified individual" means an individual who:
(1) has a qualified interest in a homestead on the assessment date for which homestead property tax liability is imposed;
(2) has held a qualified interest in the homestead for at least five (5) years before first applying for a deferral of homestead property tax liability;
(3) uses the homestead in which the individual has a qualified interest as the individual's principal place of residence. An individual shall be treated as using a homestead as the individual's principal place of residence if the individual:
(A) is absent from the homestead while in a health care facility (as defined in IC 16-18-2-161 or IC 16-28-13-0.5) for which payment is received from the United States Department of Health and Human Services for the individual's care; but
(B) used the homestead as the individual's principal place of residence immediately before being admitted to a health care facility (as defined in IC 16-18-2-161 or IC 16-28-13-0.5);
(4) is not delinquent in the payment of any property taxes, special assessments, or fees or charges that are included by law on a tax statement issued under IC 6-1.1-22-8.1 or IC 6-1.1-22.5; and
(5) meets any other qualifications that a county may choose to require in an ordinance adopted under this chapter, which may include:
(A) an age requirement for senior citizens;
(B) an assessed value limitation (such as an assessed value limit of three hundred thousand dollars ($300,000));
(C) veteran status; or
(D) an income based limitation.