MI HB5420

Expands eligibility for special assessment deferment to include assessments made on or after the effective date of the amendment, after a gap period from October 1, 2020 to the amendment's effective date.

Adds "dam construction or reconstruction" to the list of qualifying special assessments that can be deferred on homestead properties.

Modifies spousal ownership language from "tenancy by the entireties" to "jointly owned" property, allowing surviving spouses to maintain deferment without remarriage restrictions.

Permits homeowners to make up to 4 partial payments per calendar year on deferred assessments, with minimum payments of either 5% of the balance plus interest or $500, whichever is greater.

Imposes 1% monthly interest on deferred amounts if the homestead is conveyed, transferred, or placed under a sales contract while deferment remains active.