§ 2-1721. Payment of special assessments and special tax bills; installment payments.

The following provisions shall apply to all special assessments and special tax bills for sidewalks, water mains, and sewers authorized by this Code of Ordinances and demolition special assessments authorized by subsection 56-546(c) of the Code of Ordinances:

(1)

Sixty-day period to pay without interest. All or any portion of the assessment may be paid without interest within 60 days from the date the notice of assessment was issued. If the assessment is not paid in full within 60 days, the assessment shall bear interest starting 60 days after the date the notice of assessment was issued. The interest shall accrue at a rate per annum equal to the rate on the Ten-Year U.S. Treasury Note Constant Maturity Index as of May 1 in the fiscal year the notice of assessment was issued, or five percent, whichever rate is greater.

(2)

Payment in installments; interest. If the assessment is not paid in full during the 60-day period as provided in subsection (1) of this section, the unpaid principal shall be payable with interest in 15 annual installments. Interest shall continue until the assessment is paid in full.

(3)

Due date of installments. The first annual installment shall be billed 180 days after the date the notice of assessment is issued and shall be due and payable within 30 days of billing. Each annual installment shall be billed on the same day and month as the first annual installment.

(4)

Finance department to issue special assessments and installment bills. The department of finance shall issue all notices of special assessment and installment bills described in this section, and shall be responsible for collection of all payments described in this section.

(5)

Default; penalty, acceleration. If any installment is not paid when due, the installment shall be delinquent and the assessment shall be in default. Once the assessment is in default, all of the remaining unpaid installments shall immediately become due and collectible, and a penalty shall be assessed equal to one-half percent per month of the full principal balance for each month that the assessment remains unpaid, with a maximum penalty of 25 percent. The director of finance shall have discretion, for reasonable cause, to forego acceleration and to allow the property owner to cure the default.

(6)

Ownership split or subdivision of lands subject to special assessment. Full payment of the total assessment, including principal, interest and penalty for each respective lot, tract, or parcel must be made prior to any ownership split or subdivision of said lot, tract, or parcel.

(Ord. No. 130937 , § 1, 12-19-13; Ord. No. 170511 , § 1, 7-27-17)