Form Dr-570wf - Application For Recreational And Commercial Working Waterfronts Property Tax Deferral Page 2
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2DR-570WF
R. 10/11
RECREATIONAL AND COMMERCIAL
Page 2
WORKING WATERFRONTS TAX DEFERRAL
A Recreational and Commercial Working Waterfront as defined under s. 342.07(2), F.S. is:
A parcel or parcels of real property that provide access for water-dependent commercial activities, including
hotels and motels as defined in s. 509.242(1), or provide access for the public to the navigable waters of the
state. Recreational and commercial working waterfronts require direct access to or a location on, over, or
adjacent to a navigable body of water. The term includes water-dependent facilities that are open to the
public and offer public access by vessels to the waters of the state or that are support facilities for recreational,
commercial, research, or governmental vessels. These facilities include public lodging establishments,
docks, wharfs, lifts, wet and dry marinas, boat ramps, boat hauling and repair facilities, commercial fishing
facilities, boat construction facilities, and other support structures over the water. As used in this section, the
term "vessel" has the same meaning as in s. 327.02(39). Seaports are excluded from the definition.
Who can qualify for tax deferral for recreational and commercial working waterfronts?
A property owner in a jurisdiction that has adopted a tax deferral ordinance (s. 197.2524, F.S.) and who owns a
recreational and commercial working waterfront facility may defer payment of the ad valorem taxes and non-ad
valorem assessments covered by the ordinance. The owner must file an application for tax deferral, Form DR-570WF,
with the county tax collector each year by March 31, the year after the taxes and assessments were assessed.
Tax deferral may not be granted if:
The total of deferred taxes, non-ad valorem assessments, and interest, plus 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 taxes? 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
date of the sale of the deferred payment tax certificate. However, the interest rate cannot be more than 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 can no longer claim the property as a
recreational or commercial working waterfront facility; or
The legal or beneficial ownership of the property changes; or
The owner does not maintain the required fire and extended insurance coverage.
The 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 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, non ad valorem assessments, interest, and all other unsatisfied
liens on the property is more than 85% of the just value, the portion of taxes and interest over 85% of the just value
is due. The owner must pay the amount within 30 days after the tax collector notifies the owner. If the amount due is
not paid, the total amount of deferred taxes and interest will become delinquent.
What happens if my deferred taxes become delinquent?
If deferred taxes become delinquent, the tax collector will sell a tax certificate for the delinquent taxes, assessments,
and interest in the manner provided in section 197.432, F.S.
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