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Special Assessment Policy
The Special Assessment
Policy was approved in September 2010. Elements of the Special Assessment
Policy include:
The assessable unit for non-State Aid street projects will be the
residential equivalent unit (REU) of a lot, rather than the front footage of
the property.
If a corner lot is subject to multiple street reconstruction assessments
over a period of years, the total assessable cost will be the equivalent of
one REU.
Lots subject to multiple assessments cannot be treated differently than
lots subject to a single assessment.
Capitalized interest, engineering costs, and other project related costs
shall reflect the costs that have been incurred for that particular special
assessment. All engineering costs and other project related costs shall be
directly related to that particular special assessment.
The term of local roadway assessments will continue to be 10 years.
Sidewalks and decorative street lighting (stand-alone projects) will be
three years. Sound walls will be 15 years. Garbage and debris removal,
aquatic weeds, weed mowing and maintenance districts will be one year. Tree
removals will be one year if under $500; two years if $500 to $1,000; and
three years if over $1,000.
The interest rate for the assessment shall be 2 percent higher than the
true interest net interest rate of the bonds that have been issued for the
project or if no bonds were issued for the project, the interest rate shall
be 2 percent higher than the true interest rate of the most recent bonds
sold by the City prior to ordering the project. The interest rate will be
6.5 percent for garbage and debris removal, aquatic weeds, weed mowing,
maintenance districts and tree removals.
The City will accept both partial pre-payments and full pre-payments on
assessments before certifying the assessment to the tax rolls. For ease of
administration, a minimum of 25 percent of the assessable cost must be
applied for a partial payment.
Payments shall be amortized using a level principal declining total
payment schedule.
Senior Deferral Program will be accepted as a repayment.
The new policy will not be
retroactive to projects that have already been assessed.
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