When the Local Improvement District construction is completed, inspected, and accepted by the City, final costs are calculated based on the actual cost of construction. From that, individual final assessments are prepared. Final assessments are based on the actual cost of construction plus a 10% pro-rata district charge for engineering/administrative cost.
Final costs are mailed to the property owners. Included is payment information and notification of the final Public Hearing.
A public hearing is held to discuss final costs. At this time City Council may authorize the final assessments and assess the costs.
Property owners have the option of paying their assessment to the City, or be billed by the El Paso County Treasurer's office.
30 Days to Pay
Payment received by the City can be made any time after the Public hearing up until thirty days from the final publication of the assessing ordinance. During this period of time no interest or collection fees are charged.
After the 30 day deadline, outstanding assessments will automatically be forwarded to the County Treasurer's office for collection similar to property taxes and the following will apply:
- A 1.5% collection fee is added to the amount due.
- Installment payments are established based on the adjusted amount due. Usually, amounts in excess of $750.00 are allowed up to 10 years to pay. Lesser amounts become due on a prorated schedule.
- Installment payments are subject to an interest rate equivalent to the rate the City will pay to finance the assessment installments.
Property owners unable to pay their assessment may apply to see if they qualify for the hardship program. Extended payment schedules are available for those who qualify.