MI SB1053

Limits deferment of special assessments on homestead properties to those assessed before October 1, 2020; no deferments authorized for assessments on or after that date.

Allows owners to make up to 4 partial payments per calendar year on deferred special assessments, with each payment at least $500 or 5% of the balance owed, whichever is greater.

Permits surviving spouses to continue deferment of special assessments on jointly-owned homesteads under tenancy by the entireties, provided the surviving spouse does not remarry.

Imposes 1% monthly interest on deferred amounts if the homestead is conveyed, transferred, or a sales contract is entered into without terminating the deferment.

Requires full payment of deferred special assessments plus accrued interest within 1 year of the owner's death or upon any conveyance, transfer, or contract to sell the homestead.