Property Taxes - Tax Deferral

 

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Tax Deferral		 General Information
 
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.
bullet How does the plan work?
 
bullet How do I qualify for the Tax Deferral Plan?
 
bullet When do the taxes become due and payable?
 
bullet What else do I need to know?
 
bullet How do I apply?
 
bullet Application Form
 
 
 
 
 
 
   

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How does the plan work?

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If you qualify for the plan and you are under 65:   You may defer payment on that portion of your tax bill that exceeds 5% of your household income.  If your household income is less than $10,000, you may defer the entire amount of your tax bill.

Example:  If your adjusted gross income is $15,000 and your tax bill is $1,000, then you may defer that part of your tax bill over 5% of your income.  You will pay $750.00 of your taxes and you may defer $250.00.
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If you qualify for the plan and your are 65 or older:  You may defer payment on that portion of your tax bill that exceeds 3% of your household income.  If your household income is less than $10,000 or is less than the amount of the income designated for the additional homestead exemption, you may defer the entire amount of your tax bill.   

Example:  If your adjusted gross income is $15,000 and your tax bill is $1,000, you may defer that part of your your tax bill over 3% of your income.  You pay $450.00 of your taxes and you may defer $550.00.
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Household income includes all members of the household and is defined by the Internal Revenue Service as “adjusted gross income”.
   
   
   
How do I qualify for the Tax Deferral Plan?

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bulletIn order to qualify for the homestead tax deferral plan you must:
 
bulletBe qualified to claim the homestead exemption.
 
bulletSubmit proof of fire and extended coverage home insurance that is in excess of liens and deferred taxes.
 
bulletProvide proof of income from the previous year.
 
bulletProvide proof that the insurance policy has a payable clause to the Tax Collector and a clause obligating the carrier to notify the Tax Collector of cancellation or non-renewal.
 
bulletHave a home mortgage that does not exceed 70% of the assessed value of the home.
 
bulletHave no liens or deferred taxes totaling more than 85% of the assessed value of the home.
   
   
   
When do the taxes become due and payable?

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bulletThe total amount of deferred taxes and interest becomes due and payable if any of the following occurs:
 
bulletYou are no longer eligible for the homestead exemption.
 
bulletThere is a change in the ownership of your property.
 
bulletThe total amount of liens exceeds 85% of the assessed value of your property.
 
bulletYou fail to respond to the annual notification requesting a list of current liens against your property.
 
bulletYou fail to maintain fire and extended coverage insurance.
   
   
   
What else do I need to know?

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bulletThe 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?

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bulletApplication for the deferred plan must be made each year on or before January 31st.  You may request application forms from our office by calling (941) 861-8300 or you can print them from this web site (click here).