This 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 specifies that special assessments due on homesteads can be deferred until one year after the owner's death or until the property is sold, with provisions for partial payments and interest accrual on deferred amounts.

The bill also introduces new stipulations regarding the payment of deferred special assessments, including the requirement for full payment upon the owner's death or if the property is sold. It establishes an interest rate of 1% per month on deferred amounts if the property is conveyed or transferred, and mandates that the department notify owners of the terms of deferment. The enactment of this bill is contingent upon the passage of House Bill No. 4079.

Statutes affected:
Substitute (H-2): 211.761, 211.762
House Introduced Bill: 211.761, 211.762