What are Property Tax Deferrals?
Homeowners over 65 and individuals with disabilities have an option to defer payment of taxes on their homestead at a lower rate. Property tax deferrals allow qualified homeowners to pay taxes without penalty at any time, using 8% interest per annum rather than the standard 24% penalty and interest. Deferrals cannot be applied retroactively to delinquent taxes from past tax years, only to those currently due. In other words, any tax that is delinquent before the deferral period begins, is not eligible for the 8% interest per annum.
