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 is good for 1 year and must be reapplied for every year by September 1.

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, contact the Finance Director at 952-882-2691. The policy and an application will be sent to you.

The amount of the assessment charged is based on the type of improvement. The City’s fee schedule, which is adopted each year, lists assessed amounts for common improvements such as a mill and overlay as well as full depth mill and overlay.

The assessment is payable over a number of years determined by the type of improvement. The interest rate will be the municipal bond rate at the time of the bond sale in the market plus two percent. For a mill and overlay, the assessment is payable over a five (5) year period. For full depth mill and overlay, the assessment is payable over a fifteen (15) year period.

A pending assessment is placed on your property once the project is ordered by the City Council. Assessments are then adopted by City Council after substantial completion of the project.