Property Tax Deferral Plan

The homestead tax deferral plan allows you to defer payment of taxes and assessments under certain conditions. It is designed for people whose income is low relative to their total tax bill and who are entitled to claim homestead exemption.

 

 

How do I qualify for the Tax Deferral Plan?

 

 

  • Be qualified to claim the homestead exemption.
  • Submit proof of fire and extended coverage home insurance that is in excess of liens and deferred taxes.
  • Provide proof of income from the previous year.
  • Provide proof to to the Tax Collector's office that the insurance policy has a loss payable clause and a clause obligating the carrier to notify the Tax Collector of cancellation or non-renewal.
  • If you have a home mortgage, it cannot exceed 70% of the assessed value of the property.
  • Have no liens or deferred taxes totaling more than 85% of the assessed value of the property.

 

 

When do the taxes become due and payable?

 

 

  • The total amount of deferred taxes and interest becomes due and payable if any of the following occurs:
  • You are no longer eligible for the homestead exemption.
  • There is a change in the ownership of your property.
  • The total amount of liens exceeds 85% of the assessed value of your property.
  • You fail to respond to the annual notification requesting a list of current liens against your property.
  • You fail to maintain fire and extended coverage insurance.

 

 

What else do I need to know?

 

 

The deferral is a lien against your property. Interest accrues on the deferred amount until it is paid. Interest may not exceed 7% per year.

 

 

How do I apply?

 

 

Application for the deferred plan must be made each year on or before March 31st. You may request application forms from the Tax Collector's office by calling (772) 226-1343 or print one from this website.

 

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