(1) Except for an owner or owner’s estate qualifying for deferment of special assessments under this act before January 8, 1981, the payment of special assessments deferred under this act made by the owner or owner’s estate shall include interest computed for periods after January 8, 1981, at a rate of 1/2 of 1% per month or fraction of a month.
    (2) The department shall notify each owner whose special assessments are authorized to be deferred under this act of the interest rate provided in this section.

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Terms Used In Michigan Laws 211.768a

  • Department: means the department of treasury. See Michigan Laws 211.761
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Owner: includes a person eligible for the exemption specified in this act, who is purchasing a homestead under a mortgage or land contract or who owns a dwelling situated on the leased lands of another or is a tenant-stockholder of a cooperative housing corporation. See Michigan Laws 211.761
  • Special assessment: means an assessment against real property calculated on a benefit or ad valorem basis for curb and gutter, sidewalk, sewer, water, or street paving; a drain; a connection fee or similar charge for a sewer or water system; or the land contract on a parcel of property acquired under the circumstances set forth in section 3(2). See Michigan Laws 211.761
    (3) The lien created in section 6 for special assessments deferred under this act shall include an amount of interest as provided in this section.
    (4) The department of treasury shall refund to each owner who, before the effective date of this subsection, paid their special assessment and was subject to the interest payment of subsection (1), an amount equal to the difference between the interest paid and the interest which would have been due at a rate of 1/2 of 1% per month or fraction of a month.
    (5) If a deferment of a special assessment was terminated by an owner solely by payment of the deferred special assessment after January 8, 1981, and before the effective date of this subsection, the owner may reapply within 60 days of the effective date of this subsection to the local assessing officer for reinstitution of the previously deferred special assessment and the department of treasury shall refund the amount of the special assessment paid and redeferred to the owner.