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I mean, a rejection is a rejection no matter how nice it is… IMO, your best bet is to be sincere, explain why this isn’t the right time, explicitly say that the reason your not taking the job has nothing to do with the company and express an interest in staying in touch.
At the end of the day you’ll probably be treated the same as any other new applicant if you re-apply in the future. Takes a lot of energy / time to maintain a “do not hire list” of people who’ve turned down offers.