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A special assessment is a charge imposed on properties for a particular improvement that benefits the owners of those selected properties. They are a levy a city uses to finance, or partially finance, a particular public improvement. The amount of the charge bears a direct relationship to the value of the benefit the property receives.
A pending assessment is placed on your property once the project is ordered by City Council. Assessments are then adopted by City Council prior to the construction contract being awarded after final construction costs are calculated.
Assessments are used as a partial funding source for the project. They are adopted and levied before awarding the construction contract to ensure the funding source is in place. This minimizes the risk to the city. It also allows public comments to be heard by City Council before awarding a construction contract and adopting the assessments.
For general assessments, the assessment is payable over a number of years determined by the type of improvement. The interest rate will be the estimated municipal bond rate at the time of the bond sale in the market plus 2%.
For roadway rehabilitation projects, the assessment is payable over 15 years. The interest rate will be the estimated municipal bond rate at the time of the bod sale in the market.
City policy allows deferred payment of special assessments for any homestead property owned by a person 65 years of age or older or retired due to a permanent and total disability for which it would be a hardship to make the payments. The policy determines your eligibility based on income and property value limits.
A deferment does not reduce or forgive the amount owed, rather it postpones the payment. During the deferment, interest will accrue on the unpaid amount at the annual interest rate. The assessment plus interest will become due when you no longer qualify for the deferral.
If you are interested in learning about the income, property value and other qualifying requirements for a deferral, send an email to Deb Score or call 651-714-3537. The policy and an application will be sent to you.
Payment options for special assessments are outlined below:
A partial payment is allowed that shall be the larger of 20% of the original amount assessed or $200. The partial payment will reduce the amount of time the assessment will be paid off, not the annual installment. You may pay your assessment by cash, check or money order.
If you wish to pay in person come to the Finance Department on the second floor at City Hall, Monday-Friday, 8 a.m.-4:30 p.m. Payment can also be mailed to the City of Woodbury, 8301 Valley Creek Road, Woodbury, MN 55125.