MI HB4079

Raises the income eligibility cap for the special assessment deferment program from $10,000 to $34,900 for homeowners 65 or older or totally and permanently disabled, effective for deferments on or after October 1, 2022.

Eliminates interest charges (previously 1/2% per month) on special assessments deferred on or after October 1, 2022, while maintaining interest requirements for older deferrals.

Requires mortgagees or land contract vendors consenting to a deferment to acknowledge in writing that their interest is subordinate to the state's first lien on the homestead.

Directs the state treasurer to annually adjust the eligibility cap based on the Detroit-Warren-Dearborn Consumer Price Index.

Takes effect only if HB 4080 is also enacted into law.