The bill amends the 1976 PA 225, which pertains to the deferment of special assessments on homestead properties. Key changes include the definition of "homestead" and "owner," with clarifications on eligibility for deferment. The term "totally and permanently disabled" is redefined to align with the Social Security Act. The bill specifies that special assessments assessed before October 1, 2020, or on or after October 1, 2022, can be deferred until one year after the owner's death or until the property is sold. It also allows for partial payments on deferred assessments, with specific conditions regarding interest accrual and payment timelines.

Additionally, the bill outlines the consequences of transferring ownership of the homestead, including the immediate due payment of deferred assessments and accrued interest. The interest rate on deferred amounts is set at 1% per month if the property is conveyed or a sale contract is entered into. The Department of Treasury is tasked with notifying owners about the terms of deferment and the implications of transferring property. 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
As Passed by the House: 211.761, 211.762