Florida law permit any person entitled to claim homestead exemption to defer payment and interest of a portion or all taxes and non-ad valorem assessments levied, subject to certain age and household income conditions. The deferred portion of taxes become a priority lien on the property and must be paid in full upon sale, change of ownership, or change in program eligibility. Application to defer taxes may be obtained from the Tax Collector's Office and must be submitted on or before March 31st following the year in which the taxes and non-ad valorem assessments are assessed. Homestead Tax Deferral Applications must be submitted each year to determine continued eligibility.
Complete and submit the Application for Homestead Tax Deferral to the Tax Collector no later than March 31st, the year after the tax year long with all applicable supporting documentation.
The deferred taxes, assessments, and interest may be paid at anytime. However the total amount must be paid when:
The amount for all the previous years become delinquent on April 1, the year after the change occurs.
Are there other conditions that can require me to pay all or part of the deferred amount?
During any year the total amount of deferred taxes, interest, assessments, and other unsatisfied liens becomes more than 85% of the just value, the portion that exceeds 85% is due. The owner must pay that amount within 30 days after the tax collector notifies the owner. If the owner does not pay, the total amount of deferred taxes, interest, and assessments become delinquent.
Each year the tax collector will notify owners of property with deferred payments to submit a list of all outstanding liens on the homestead and the current amount of each lien. If the owner does not send the information within 30 days, the total amount of taxes, assessments, and interest will be due within 30 days.
What is the interest rate on the deferred amount?
The interest rate is equal to the semiannually compounded rate of 1/2% (.5%) plus the average yield to maturity of the long-term fixed-income portion of the Florida Requirement System investments at the end of the quarter before the sale of the deferred payment tax certificates. However, the interest rate may not exceed 7%.
Is there a lien on my property?
Yes, the deferred taxes, non-ad valorem assessments, and interest are a priority lien on the homestead.