Can a property owner pay off special assessments after the 30 day early pay off period has expired?
Yes, the City has a prepayment program available. Once a project is bonded for long term financing the principal and interest payments are locked in for the bonding term so direct payoff of principal with interest cannot be made against the bond itself. However, under the prepayment program, the City can make the payments on the bonds on behalf of the individual property owner. To take advantage of this program the property owner contacts the Finance Department of the City and requests information on the prepayment program. The Accounting Division will prepare an information packet that includes a computation of the present value amount for principal and interest on the property owner’s outstanding special assessments. This computation includes the savings that will be realized for early payoff based on an estimated payoff date. If the property owner decides to proceed, they contract with the City and agree to pay the present value amount specified.
Related Questions
- Can payments be made for property taxes and special assessments that are deferred before the property is sold or the property owner dies?
- When I invest in a Tax Lien and the property owner doesn’t pay within the redemption period, what happens?
- Can a property owner pay off special assessments after the 30 day early pay off period has expired?
