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M <br />General Information <br />Deferred Payment on Special Assessments <br />1. Senior Citizen special assessment hardship deferrals, applies to special <br />assessments levied after June 27., 1977. <br />2. Property must be classified as homestead. <br />3. One or more of the owners is 65 years of age or older. <br />4 it would create a hardship for the owner(s) of the property to pay the <br />special assessment installments as they become due. <br />A. A hardship exists if the annual average assessment exceeds 1% <br />0 <br />of the previous year's total adjusted gross income, for federal <br />income tax purposes, for all owners of the property. <br />B. In,-no event shall total adjusted gross in-come include: <br />1. Social security benefits <br />2. Railroad retirements <br />3. Retirement benefits attributable to employee contributions <br />4. Disability benefits <br />S. Workmen's compensation benefits <br />S. In cases where exceptional and unusual circumstances exist, the City <br />Council may determine that a hardship exists despite the fact that the <br />I <br />minimum income - requirenzents are not met. <br />6. Termination of Deferment <br />A. Request.of property owner <br />B. Death of property owner 65 years of age or older, providing the <br />surviving owner is otherwise not eligible for-the deferral. <br />C. Sale, transfer of subdivision of the property, or any part' <br />thereof. <br />D. The City determines that a hardship no longer exists, <br />TYPICAL ASSESSMENT EMIPLES <br />8% Interest for 20 years <br />Assessment <br />Total payment <br />Amount <br />(incl. interest) <br />$ -200.00 <br />$ 374.00 <br />300.00 <br />561.00 <br />400.00 <br />748.00 <br />500.00 <br />935.00 <br />600.00 <br />19122.00 <br />700-00 <br />19309.00 <br />800-00 <br />13496.00 <br />900.00 <br />12683.00 <br />12000.00 <br />11870-00 <br />Average Annual <br />Installment. <br />$18.70 <br />28.05 <br />37.40 <br />46.75 <br />56.10 <br />65.45 <br />74.80 <br />84.15 <br />93.50 <br />Maximum Income <br />for Def errment <br />$1,869.00 <br />22804.00 <br />3,739.00 <br />419674.00 <br />5,609.00 <br />63544.00 <br />7,479.00 <br />82414.00 <br />9,349.00 <br />