HF692 Summary

• Defines "unimproved property" for special assessment deferment purposes as unplatted property, platted property without buildings or improvements, or underdeveloped redevelopment district property consistent with municipal plans.

• Allows municipalities to defer payment of the first installment of special assessments on unimproved property until a designated future year under terms and conditions set by council resolution.

• Reorganizes section 429.061 by separating assessment hearing procedures, objection requirements, payment terms, interest calculations, and lien provisions into distinct subdivisions for clarity.

• Removes requirement that counties obtain city council approval before assessing county highways within city boundaries, relocating this provision to a new standalone subdivision.

• Specifies that deferred special assessments must be divided into installments payable over no more than 30 years from the levy date, with interest potentially forgiven, deferred, or added to principal based on resolution terms.