Is there interest charged on the amounts due under the Senior Citizens Real Estate Tax Deferral Program?

Yes. Interest is charged at the rate of 6% per year for each year that the tax deferment is carried by the state. For example, a $2,000 tax amount deferred for one year would equal interest of $120. If not paid off in the first year, the interest would grow to $240 at the end of the second year, $360 at the end of the third year, and so on.