Bill > HB5419

This bill amends the 1976 Michigan law that allows for the deferment of special property tax assessments for homeowners who are 65 or older, permanently disabled, and meet certain income eligibility requirements. The key provisions of the bill are: 1. It increases the maximum household income eligibility cap from $10,000 to $29,619, to be adjusted annually for inflation based on the Consumer Price Index. 2. It clarifies that an individual who previously lost their homestead through tax forfeiture or foreclosure, but has since reacquired the property through a land contract, is eligible for the deferment program. 3. It allows individuals who borrowed money prior to 1981 to pay a special assessment to receive state funds to repay that loan, with the state then placing a lien on the homestead. 4. It requires written consent from any mortgage or land contract holder before a deferment can be granted, and specifies that the state's lien will be superior to those other interests. The bill is designed to expand eligibility and clarify certain provisions of the existing special assessment deferment program for low-income senior and disabled homeowners.