Homestead Tax Deferral

State

Florida

Year

2022

Variations in Receipt of Benefit

Benefit Varies with Income

Other Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

Homeowners eligible for the homestead exemption may defer a portion of or all property taxes, depending on age and adjusted gross income. For homeowners under the age of 65, property taxes in excess of 5% of household adjusted income may be deferred. For homeowners 65 or older, property taxes in excess of 3% of income may be deferred. Applicants with a household income of less than $10,000 and homeowners 65 years or older with a household income of less than the qualifying income level for the additional Homestead Exemption may defer all property taxes. Deferred taxes, assessments, and interest may be paid at any time. The total amount must be paid when there is a change in the use or ownership of the property. Upon loss of eligibility, all taxes become due unless there is an eligible surviving spouse to whom deferred taxes may be transferred.

How is Benefit Disbursed

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property that is considered a homestead is eligible for this program. Such property includes mobile homes or apartments occupied by a tenant-stockholder or cooperative corporation.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Other Criteria

Description of Eligibility Criteria

Applicants must be eligible for the Homestead Exemption and the homestead must be used as the primary residence. For homeowners aged 65 or older, the income level for eligibility for the Additional Exemption in 2022 is $32,561. In addition, each applicant must furnish proof of fire and extended coverage insurance in an amount at least equal to the total of all outstanding liens (including a lien for deferred taxes, non-ad valorem assessments, and interest) with a loss payable clause to the tax collectors.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Record ID

FL105_RR22

Footnotes

Deferred taxes are subject to an interest rate equal to the semiannually compounded rate of 0.5% plus the average yield to maturity of the long-term fixed-income portion of the Florida Retirement System investments as of the end of the quarter preceding the date of the sale of the deferred payment tax certificates, which may not exceed 7%. If at any point the total amount of deferred taxes, non-ad valorem assessments, interest, and all other unsatisfied liens exceeds 85% of the just value of the property, the amount that exceeds 85% is due within 30 days after notification is sent.

Sources

Fla. Stat. § 197.2421 ~ § 197.252;
Fla. Stat. § 197.254 ~ §197.312 (in effect for 2022)
Florida Department of Revenue, Property Tax Valuation and Income Limitation Rates (2023)
[https://floridarevenue.com/property/Documents/AdditionalHomesteadExemptions.pdf Accessed 02/22/2023]
View Archived Source

Florida Department of Revenue, Application for Homestead Tax Deferral
[https://floridarevenue.com/property/Documents/dr570.pdf Accessed 02/22/2023]
View Archived Source
Florida, Brevard County Tax Collector, Homestead Tax Deferral Program
[https://www.brevardtaxcollector.com/services/homestead-tax-deferral-program/ Accessed 12/11/2023]
View Archived Source

Faça Parte da Nossa Lista de Contactos

Back to top