How are special assessments paid by the property owner once they are authorized?
The property owner has several options for payment. If the special assessment fee is from a newly completed project, the property owner can pay off the special assessment in full and not incur any interest charges. They may also pay off a portion of their assessments with a minimum payment amount of 10% per type of special assessment. This early payoff is made after the last step of the special assessment process that authorizes the levy of the special assessment. Generally, this period to pay in full is open for approximately 30 days. Each property owner of record will be notified of the early payoff option. They are also entitled to take a discount for early payoff because bond issuance costs and discount fees can be avoided when paid in full. If the property owner does not choose to pay the fee when the project is complete, they can pay the principal (plus interest) in installments of up to 20 years.
