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DEFERRAL OPTIONS <br />You may be eligible to defer payments on your special <br />assessments. :t is j.ncrtant to note that with eit er of <br />the two options to be described, interest will accrue on <br />the outstanding principal balance until the assessment is <br />paid in full. :I it is a hardship to make annual payments <br />on your assessments over the next tan years, then tte <br />deferral option merits a closer look. <br />Senior Citizen Defe.:La1 <br />The first option is for qualifying senior citizens age <br />sixty -five (65) years or older, or t_.cse persons reti=ed by <br />virtue of a pe tanent and total In either of <br />'These cases, if the average annual payment of all <br />assessments levied against your property exceeds 1% of your <br />adjusted gross income as determined by your federal income <br />tax return filed in the previous year, you would be <br />eligible for the def erment of these assessment payments. <br />The assessment would become payable under the following <br />conditions: <br />* Death of the owner (providing the surviving spouse, <br />if any, is not eligible for deferment) : <br />* Sale, transfer or subdivision of tae subject <br />raper =ies ; <br />* loss of homestead states of subject property; <br />* Chance of circunstances of owner resulting in there <br />no longer being a hardship as defined previously. <br />If you ttink t :at a senior citizen deferral nay make sense <br />in your case, or if you have any cuesticns regarding the <br />application of t_`'is option, please contact city hall for <br />furtter clarification. Senior citizen deferral application <br />forms are also available at city hail for your use. They <br />must be conflated and returned by November 3, in order to <br />be considered in time to defer assessment payments for 1996 <br />and subsequent years. <br />Development Deferral Options <br />A limited nurser of you are eligible for a devel V rent <br />deferral cotton. In -his case, your property iasbeen <br />deemed to be potentially subdividable t.tereby subjecting <br />you to costs associated with `he assumed new lot(s). .n <br />this case, w e council will also grant a deferral until <br />such time as the property is actually subdivided. Again, <br />interest will continue to accrue on the unpaid pritcipal <br />balance until such time as the assessment is paid in full. <br />Should the oroperty never be subdivided, the assessment <br />would not become payable. <br />Page 4 <br />