The homestead tax deferral allows you to delay payment of taxes and assessments under certain conditions. Homestead tax deferral is available to property owners who are entitled to claim homestead exemption and meet the eligibility requirements.
The homestead tax deferral is a priority lien against your property. Interest accrues on the deferred amount until it is paid. Interest may not exceed 7% per year. All deferred taxes plus interest is due and payable with any change in homestead exemption eligibility, use, ownership or failure to maintain insurance on the property.
Qualifications
To qualify for a tax deferral, the following conditions apply:
- The property must qualify for a homestead exemption. Contact the Property Appraiser’s Office to qualify.
- Provide proof of income.
- The amount of the primary mortgage on the property cannot exceed 70% of the assessed value of the homestead.
- The application must be submitted by March 31.
- The deferral is an application for the current tax period (November 1 – March 31).
- Proof of fire and extended coverage insurance in the amounts which is in excess of the sum of all outstanding liens, deferred taxes, non-ad valorem assessments and interest with a loss payable clause to the Constitutional Tax Collector.
Full Deferral Requirements
- Prior year household adjusted gross income less than $10,000.
- Persons 65 years or older whose prior year household adjusted gross income meets Florida Department of Revenue’s income limit (determined annually).
Partial deferral requirements:
- Persons under the age of 65 may defer the portion of their property tax that is more than 5% of the household adjusted gross income.
- Persons 65 years or older may defer the portion of their property tax that is more than 3% of the household adjusted gross income.
The Application for Homestead Tax Deferral must be submitted to the Tax Collector by March 31.
Homestead Exemption
For information about Homestead Exemption visit the Palm Beach County Property Appraiser’s Office.