Feedback Form Questions #1

We have received lots of feedback on the information that has been provided thus far. Thank you very much for the thoughtful comments. We are starting to see a few common questions or themes from those forms. Over the next few days, we will provide more information to make sure we all have a similar understanding on this matter. Two items of clarification are listed below.

1. What is the approximate number of residents that are assessed pay off their assessment immediately upon getting the notice for payment from the City? Approximately 1/3 of special assessments are paid off immediately and do not show up on tax statements. Approximately 1/3 pay it off early during the 15-year re-payment period and the remaining 1/3 pay it off over the entire re-payment period of 15-years.

2. What happens with a special assessment that has been levied on a property when it is sold? Typically during the sale of a home, the buyer and seller negotiate paying off the assessment into price of the home.