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As stated in the letter mailed to property owners, property owners have a legal right to pay off any amount of the principal of their assessment at any time. If a property owner prepays the entire Capital Assessment amount by July 1, 2025, they will not receive any interest charge. Full or partial Capital Assessment payments can be made in your county drain commissioner's office.
The 2025 annual Capital Assessment amount is based on the total assessment (currently estimated at $217.7 million) and interest will only be charged on the first bond series ($80 million). The second bond will be issued in 2026 for the remaining amount.
Paying off or prepaying the Capital Assessment is an option, not a requirement.
- If a property owner chooses not to pay off the assessment before July 1, they will be charged on an annual basis. It is expected most property owners will choose this option.
- If a property owner can pay off the entire amount of their assessment by July 1, 2025, they will not receive any interest charge for the winter 2025 tax bill or future years.
- If a property owner pays at least 37% of their Capital Assessment by July 1, they will not owe any interest until June 1, 2026.
The second bond issuance is anticipated for summer 2026. At that time, property owners may pay the remainder of their Capital Assessment off and not receive future interest or may choose to continue with annual payments and interest charges for the remainder owed.
Again, property owners have a legal right to pay off any amount of their remaining Capital Assessment at any time, and interest will only accrue on the amount remaining going forward.
Property owners attempting to avoid interest are responsible for keeping track of timing and payment deadlines via FLTF updates.
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