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1 <br />Form 10-1980 <br />Rev. 6-1985 <br />Rev. 8-1990 <br />CITY or OROMO <br />SPECIAL ASSESSMENT DEFERRAL <br />QOALIPICATIOMS AMD INFORMATIOE <br />Special assessments are levied against property for collection of <br />costs for public improvements such as sewerr mater or streets. <br />These assessments are normally spread over a number of years with <br />principal and interest collected with each year's property taxes. <br />The City Council has adopted a policy - Resolution Nn. 1093, <br />Resolution No. 1779 and Resolution No. ___ - which will allow <br />deferral of special assessment payments lor senior citisens when <br />those payments would constitute a financial hardship. If you <br />think that you qualify, you must complete the attached <br />application. The City Council will review your request. You <br />will be notified i writing of their decision. <br />NBO QOALIPIBS? <br />You must be 65 years of age or older. <br />The property must be your homestead. <br />Your assets and income must meet the following criteria: <br />Number of <br />Persons in Household <br />Maximum <br />Income <br />$15,•'50.00 <br />18 000.00 <br />‘>0,250.00 <br />22.500.00 <br />24.300.00 <br />26.100.00 <br />27.900.00 <br />29.700.00 <br />Total assets, including non-homesteaded real property, <br />must be $25,000 or less. <br />The value of your homestead property is not included in <br />determining assets. <br />NEAT IS DEFERRED? <br />Collection of principal and interest is deferr^ . * w: 1 not <br />have to be paid with the annual taxes. The ass. . ent i?j not <br />waived. You still must pay the amount levied, the payments are <br />just deferred for the specified length of time. <br />HON LONG IS THE DEFERRAL? <br />For a maximum of five (5) years, or until: <br />1. The owner dies and the spouse is not otherwise eligible. <br />2.The property or any part thereof is sold, transferred or <br />subdivided. <br />3. <br />4. <br />The property should lose it's homestead status. <br />If for any reason the City determines that there would <br />be no hardship to require immediate or partial payment. <br />HON TO RENEN AFTER 5 YEARS <br />Deferments may be reapplied for and subject o the applicant <br />meeting all the necessary criteria upon reappliCw.tion be deferred <br />for additional periods not to exceed 5 years each.