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<br /> <br /> <br />2004 Assessment Policy – Page 9 <br />charges apply effective from the date of Council approval of the assessment role. It should <br />be noted that the certification is made to the County in early September. <br /> <br />A property owner may pay the total assessment against their property with accrued interest at <br />any time during the life of the project assessment period. <br /> <br />If paid before November 15th, interest is calculated to December 31st of the year the <br />payment is made. If paid after November 15th, interest will be calculated through December <br />31st of the next year. <br /> <br />Once the assessments are certified to the County, it is the responsibility of the County staff to <br />calculate the interest charges and include them in the annual property tax payment schedule. <br /> <br />Example: <br /> <br />Assessment Amount $4,500 <br />No. of years assessed 10 <br />Interest Rate 6% <br />Assessment Roll Approval Date 5/1/2005 <br />Est. Total Interest over the life $1665 <br /> <br />Schedule of Payments: <br /> <br /> Interest Principal Total Balance <br />Year 1* $ 450.00 $ 450.00 $ 900.00 $4,050.00 <br />Year 2 $ 243.00 $ 450.00 $ 693.00 $3,600.00 <br />Year 3 $ 216.00 $ 450.00 $ 666.00 $3,150.00 <br />Year 4 $ 189.00 $ 450.00 $ 639.00 $2,700.00 <br />Year 5 $ 162.00 $ 450.00 $ 612.00 $2,250.00 <br />Year 6 $ 135.00 $ 450.00 $ 585.00 $1,800.00 <br />Year 7 $ 108.00 $ 450.00 $ 558.00 $1,350.00 <br />Year 8 $ 81.00 $ 450.00 $ 531.00 $ 900.00 <br />Year 9 $ 54.00 $ 450.00 $ 504.00 $ 450.00 <br />Year 10 $ 27.00 $ 450.00 $ 477.00 $ - <br /> $1,665.00 $4,500.00 $6,165.00 <br /> <br />* Note: Interest in year 1 is for twenty (20) months (May 1 ,2005 – December 31, 2006). <br /> <br /> 1. Ad Valorem Tax <br /> <br /> The City Council may, at their discretion, utilize ad valorem taxes to fund <br />portions of the project cost of any public improvement. This shall be done in <br />accordance with the appropriate Minnesota State Statutes.