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MINUTES <br />CITY COUNCIL <br />OCTOBER 12, 1993 <br />difficult to meet setback requirements in orienting the <br />lot toward Vanderbie. This caused the assessment for <br />525 LaBore Road to increase. <br />The City Administrator reported that lots that are <br />subdividable are proposed to be assessed for two lots, <br />however, the City has the option of allowing a <br />development deferment for these parcels. The <br />additional assessment based upon the subdividable lot <br />would be deferred until such time as the lot is <br />divided. Interest would accrue on the deferred <br />assessment. <br />The City Administrator reported that assessments are <br />proposed to be spread out over a 10 year period at <br />6.25% interest. However, property owners do have the <br />option of paying off either all or part of their <br />assessment within 30 days of adoption of the assessment <br />roll without interest. If assessments are not paid, <br />they will be certified to property taxes with the first <br />installments due in 1994. <br />A property owner asked if assessments or the interest <br />associated with them were tax deductible. <br />The City Administrator reported that the IRS considers <br />assessments to be an improvement to the property, <br />therefore not tax deductible. However, the <br />Administrator suggested that property owners check with <br />their tax consultants on this issue. <br />A property owner asked if taxes would increase on his <br />home because of the road improvement. <br />The City Administrator replied that the County handles <br />the assessing of property within the City, however, <br />believed that the valuation increase associated with <br />the improvement would probably not be made until the <br />property was sold or an actual inspection made by the <br />County Assessor. <br />Scalze asked if assessments were required to be paid in <br />full when a property is sold. <br />Pedersen replied that mortgage companies are no longer <br />making this requirement, and that buyers are now <br />allowed to assume assessments. <br />Steve Enhelder, 535 LaBore Road, asked if assessments <br />could be paid off at any time. <br />The City Administrator replied that they could, <br />however, assessments should be paid off before November <br />15th of any given year, otherwise under statutory <br />Page 3 <br />