Form Dr-570ah - Application For Affordable Housing Property Tax Deferral (Page 2 of 2) in pdf

AFFORDABLE HOUSING PROPERTY TAX DEFERRAL

DR-570AH

N. 10/11

Page 2 of 2

Does my property qualify for affordable rental housing tax deferral?

Any qualified property owner in a county or municipality that has adopted an ordinance for tax deferral on

affordable rental housing property under s. 197.2524, F.S., may apply to defer ad valorem taxes and non-ad

valorem assessments covered by the ordinance. To qualify, the owner must:



Engage in the operation, rehabilitation, or renovation of affordable rental housing under Part VI, Chapter

420, Florida Statutes, and



File an application for tax deferral, Form DR-570AH, with the county tax collector by March 31 each year

following the year the taxes and non-ad valorem assessments were assessed.

Tax deferral may not be granted if:



The total of deferred taxes, non-ad valorem assessments, and interest, plus the total of all other

unsatisfied liens on the property is more than 85% of the just value, or



The primary financing on the property is more than 70% of the just value.

What is the interest rate on the deferred amount? Is there a lien on the property?

The interest rate is equal to the semiannually compounded rate of 1/2% (.5%) plus the average yield to

maturity of the long-term, fixed-income portion of the Florida Retirement System investments at the end of the

quarter before the sale of the deferred payment tax certificates. However, the interest rate may not exceed 7%.

The taxes, non-ad valorem assessments, and interest deferred are a prior lien on the property; they attach on the

date and in the same manner. They are collected the same as other property tax liens.

When will I have to pay the deferred taxes, assessments, and interest?

The deferred taxes, assessments, and interest may be paid at any time. However, the amount must be paid

when:



The tax-deferred property changes ownership or use and the owner is no longer entitled to claim the

property as affordable rental housing, or



The legal or beneficial ownership of the property changes, or



The owner does not maintain the required fire and extended insurance coverage.

The total amount of deferred taxes, non-ad valorem assessments, and interest for all previous years is due on

November 1, the year the change occurs, or on the date insurance stops. The total amount becomes

delinquent on April 1, the year after the change in ownership, use, or loss of insurance coverage occurred.

Are there other conditions that can require me to pay all or part of the deferred amount?

During any year the total amount of deferred taxes, assessments, interest, and other unsatisfied liens becomes more

than 85% of the just value, the portion of taxes and interest that is over 85% of the just value is due. The owner

must pay that amount within 30 days after the tax collector notifies the owner. If the owner does not pay, the total

amount of deferred taxes, assessments, and interest will become delinquent.

What happens if my deferred taxes are delinquent?

If deferred taxes become delinquent, the tax collector will sell a tax certificate for the delinquent taxes, interest, and

assessments in the manner provided by section 197.432, F.S.

Form Dr-570ah - Application For Affordable Housing Property Tax Deferral Page 2

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