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Special Assessments - Payment Calculations and Due Dates |
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Assessment payments are billed on a semi-annual basis and consist of principal and interest. The initial
principal balance of the assessment is divided into 20 equal payments (on a 10 year bond issue) or 40 equal
payments (on a 20 year bond issue). Interest is based on the unpaid principal balance of the assessment. The
interest rate is determined by the sale of the bond issue.
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The payment date of an improvement district is determined by the issue date of the bonds. The date is generally
the first working day of a given month. There is no "grace period" on assessment payments. Penalty is
added immediately upon delinquency.
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Example: |
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Initial Principal: $16,568.39 Current Principal: $10,769.45 |
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Interest Rate: 4.9% Payment Due Dates: 01/01 & 07/01 of each year |
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| Billed Principal |
Billed Interest |
Amount Due |
| $828.42 |
$263.85 |
$1,092.27 |
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