Notwithstanding Subtitle 1 of this title, the governing body of Charles County may authorize, by law, a payment deferral of the county property tax for residential real property occupied as the principal residence of the owner. An owner is eligible for a payment deferral under subsection (a) of this section if the owner or at least 1 of the owners: has resided in the dwelling for a period of at least 5 consecutive years; and meets the income and age eligibility requirements determined under subsection (c) of this section. If the governing body of Charles County authorizes a payment deferral under this section, the governing body shall specify: the minimum age of an owner to determine eligibility for the payment deferral; the amount of the tax that may be deferred, not exceeding the increase in the county property tax from the date the taxpayer elects to defer the payment of the tax; the duration of the payment deferral under subsection (a) of this section; restrictions on the amount of the real property eligible for a payment deferral, except that the amount of eligible property may not be less than the dwelling and curtilage, as determined by the supervisor; the rate of interest to be paid on the county property tax payment from the due date without a deferral until the date that the county property tax is paid; that any mortgagee or beneficiary under a deed of trust be entitled to receive notice of the deferral and of the amount of tax to be deferred; and the level of income to determine eligibility for the payment deferral. The county property tax that is deferred under this section and any interest specified in subsection (c)(5) of this section are due: when the eligible owner dies; or immediately upon transfer of ownership of the property for which the property tax has been deferred. The governing body of Charles County shall specify the cumulative amount of the deferral and related interest in the taxpayer’s annual property tax bill. A lien shall attach to the property in the amount of all deferred taxes and interest. The lien shall remain attached until the deferred taxes and interest are paid. The governing body of Charles County shall authorize the deferral by written agreement. The agreement shall reflect the terms and conditions of the deferral, including notice of the lien. The agreement shall be recorded in the land records of the county. Penalties may not be charged during the period of the deferral on any tax payments deferred under this section.