Combine the tequila, lime juice, honey syrup and orange-flavored liqueur in a cocktail shaker filled with ice. Cover the shaker, and shake well to combine and chill the ingredients.
Spread the salt in a flat dish. Dampen a paper towel with some orange flower water and run it along the rim of a margarita glass. Press the rim into the salt to coat. Strain the margarita into the glass. Cut an "X" into the bottom of the orange almost all the way through, leaving the stem end intact. Slide the orange onto the side of the glass as garnish, and serve.
Cook the honey and water in a small saucepan over medium heat, stirring occasionally, until the honey is melted, about 2 minutes. Let cool completely. (The honey syrup can be refrigerated for up to a month.)
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