The bill amends the 1976 PA 225, which governs the deferment of special assessments on homestead properties. Key changes include expanding eligibility criteria for deferment to include individuals who are U.S. citizens, residents of Michigan for at least five years, and sole owners of the homestead for the same duration. The income threshold for eligibility is adjusted, increasing from $8,000 to $10,000 after December 31, 1982, and further to $34,900 for deferments requested on or after October 1, 2022. Additionally, the bill mandates that the state treasurer will adjust the eligibility cap annually based on the Consumer Price Index.

The bill also clarifies the application process for deferment, requiring that applications be made on a specific affidavit form provided by the department. It stipulates that if a homestead is mortgaged, written consent from the mortgagee is necessary for deferment. Furthermore, it establishes that deferred special assessments will accrue interest at a rate of 1/2% per month, with certain exceptions for assessments deferred after October 1, 2022. The bill includes provisions for notifying owners about interest rates and allows for refunds to those who overpaid interest prior to the enactment of these amendments.

Statutes affected:
House Introduced Bill: 211.763, 211.764