Bill > HB5420

This bill amends the 1976 Act 225, which allows for the deferment of special assessments on homestead properties. The key provisions are: 1. Expands the definition of "homestead" to include a dwelling and outbuildings situated on leased property, and clarifies the definition of "owner" to include individuals purchasing a homestead under a mortgage or land contract, or who are tenant-stockholders of a cooperative housing corporation. 2. Reinstates the deferment of special assessments assessed before October 1, 2020 or on or after the effective date of the amendment, allowing homeowners to defer payment until one year after their death or until the property is sold or transferred. 3. Allows homeowners to make partial payments on the deferred special assessments, up to four times per year, with a minimum payment of $500 or 5% of the outstanding balance. 4. Imposes an interest rate of 1% per month on deferred special assessments if the property is sold or transferred without the deferment being terminated. 5. Requires the Department of Treasury to notify homeowners that the deferment will be terminated if the property is sold or transferred.