In addition to the various homestead exemptions that are authorized, the law also provides a Property Tax Deferral Program whereby qualified homestead property owners 62 and older with a gross household income of $15,000 or less may defer but not exempt the payment of ad valorem taxes on a part or all of the homestead property. Generally, the tax would be deferred until the property ownership changes or until such time that the deferred taxes plus interest reach a level equal to 85% of the fair market value of the property.