The bill amends the 1976 PA 225, which pertains to the deferment of special assessments on homestead properties. Key changes include a redefinition of terms such as "totally and permanently disabled," "homestead," and "owner," with specific legal language being updated to clarify eligibility and definitions. For instance, the term "totally and permanently disabled" is now defined as an individual described in section 416(i) of the Social Security Act, and "owner" is expanded to include individuals purchasing a homestead under a mortgage or land contract, as well as tenant-stockholders of cooperative housing corporations. Additionally, the bill introduces new provisions regarding the payment of deferred special assessments, including the ability for owners to make partial payments and the conditions under which these payments are due.

Furthermore, the bill specifies that special assessments assessed before October 1, 2020, or on or after the effective date of the amendatory act, can be deferred until one year after the owner's death or until the homestead is transferred. It also establishes that if the homestead is conveyed or a contract to sell is entered into, the deferment is terminated, and the amount deferred becomes due, along with interest. The bill emphasizes the importance of notifying owners about the implications of transferring title on their deferred assessments. The enactment of this bill is contingent upon the passage of House Bill No. 4079.

Statutes affected:
House Introduced Bill: 211.761, 211.762