04-14-2021 Workshop Packet - Laserfiche WebLink

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6 • 1. Front Foot Basis. Generally, assessments will be against the benefiting property on a front foot basis subject to modifications necessary to provide for a minimum and maximum assessment for residential lots. • 4. Per Lot Assessment. The City reserves the right at its sole discretion to utilize a “per lot” assessment methodology when it appears to result in more equitable treatment of affected properties with similar characteristics in a project area. A “per lot” assessment will calculate assessable costs in the same manner as the “front foot” method. This amount will then be divided by the number of assessable lots within a project area to yield the assessment rate per lot. The ability to subdivide a parcel consistent with City zoning regulations will result in corresponding number of “per lot” assessable units. The per lot assessment method is the most commonly used method for assessing improvements in single family residential neighborhoods where the improvements largely benefit each property to the same degree and the cost of the improvement is not generally affected by parcel size. • 2. Residential or Commercial Formulas. Two basic assessment formulas will be used, one for residential property (hereinafter referred to as “residential rate” or “residential property” and the second rate for commercial, industrial, school, church, nursing home property and other publicly owned property (hereinafter referred to as “commercial rate” or “commercial property”). • 3. Single Frontage Project. When an improvement takes place along a street with entirely single frontage on one side, the City will only assess 50% of the project costs, subject to the appropriate formulas. The other 50% of the project costs attributable to the side of the street without developable frontage shall be borne by the City. In the event the application of this formula results in an assessment that is lower than the “norm” based on comparisons with other improvements, the City reserves the right to adjust the assessment in order to create a more equitable situation. • 5. Preliminary Appraisal. The City may, when it determines appropriate, consult with a qualified appraiser to prepare a preliminary appraisal. The purpose of this appraisal is to assist the City in determining whether the proposed improvement will result in an increase in market value of the property which equals or exceeds the assessment levied against the property. D. Division of Cost Between City and Affected Property Owners