The bill amends the 1976 PA 225, which governs the deferment of special assessments on homestead properties. It establishes eligibility criteria for homeowners aged 65 or older or those who are permanently disabled, requiring them to be U.S. citizens, residents of Michigan for at least five years, and sole owners of the homestead for the same duration. The bill modifies the income threshold for eligibility, increasing it from $8,000 to $10,000 after December 31, 1982, and further to $29,619 after the effective date of the amendatory act. Additionally, it stipulates that the gross amount of deferred special assessments must not be less than $300 and introduces a mechanism for annual adjustments to the income cap based on the Consumer Price Index.

Furthermore, the bill clarifies the process for applying for deferment, requiring an affidavit to be filed with the local assessing officer, which must include a statement about the state's lien on the property. It mandates that if the homestead is jointly owned, both spouses must sign the affidavit, and if there is a mortgage or land contract, written consent from the lender is necessary. The bill also specifies that any false affidavit made for deferment purposes constitutes perjury. The enactment of this bill is contingent upon the passage of House Bill No. 4080.

Statutes affected:
House Introduced Bill: 211.763, 211.764