The homestead tax deferral allows you to delay payment of taxes and assessments under certain conditions.  The deferral is an option for people who are entitled to claim homestead exemption and have income low enough to qualify.
The deferral is a first 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 are due and payable with any change in homestead exemption eligibility, use, ownership, or failure to maintain insurance on the property.
For a full deferral, the following income restriction applies:

• 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).

For a partial deferral,

• 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.

To qualify for a tax deferral, the following conditions apply:

• The property must qualify for the Homestead Exemption.
• The amount of 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-March).
• 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.

Click here for the Homestead Tax Deferral Application