Exact details of the payment options will be provided prior to the assessment hearing, but each property owner has a number of options. Standard options are listed below.
Note: The standard interest rates for 2024 are 3.97% for assessments under $5,000, 4.00% for assessments between $5,000 and $10,000, and 4.53% for assessments over $10,000.
- Option 1: Full payment without any interest by October 31 the year the assessments are approved.
- Option 2: Full payment between November 1 the year assessments are approved and November 15 of the following year. Interest on this option will be for the entire year, regardless of when the balance is paid off.
- Option 3: Payment over the standard assessment term, which is 5 years for assessments under $5,000, 10 years for assessments between $5,000 and $10,000, and 15 years for assessments over $10,000. Payments would be included in your property taxes.
- Option 4: Partial prepayment by October 31 the year assessments are approved (minimum amount of $100). The remaining balance would be paid under Option 3.
Note: Current assessment rates and dates will be mailed to all property owners where assessments are proposed.