Sec. 9. (a) If the applicant is qualified for a deferral, the county auditor shall:
(1) approve the deferral in the lesser of:
(A) the amount requested by the applicant, which may not be less than one hundred dollars ($100); or
(B) the maximum amount, which is five hundred dollars ($500);
(2) provide for the recording of the deferral in the county recorder's office specifying the amount of property tax deferred; and
(3) notify the county treasurer and the department of local government finance of the amount deferred.
(b) An applicant must enter into a tax deferral agreement with the county auditor for each year that homestead property taxes are deferred under this chapter.
(c) The recording of a deferral in the county recorder's office shall constitute a lien on the homestead property.