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DEFERRAL OPTIONS <br />You may be eligible to defer payments on your special <br />assessments. It is important to note that with either 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. If it is a hardship to make annual payments <br />on your assessments over the next ten years, then the <br />deferral option merits a closer look. <br />Senior Citizen Deferral <br />The first option is for qualifying senior citizens age <br />sixty -five (65) years or older, or those persons retired by <br />virtue of a permanent and total disability. 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 deferment 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 the subject <br />properties; <br />* Loss of homestead status of subject property; <br />* Change of circumstances of owner resulting in there <br />no longer being a hardship as defined previously. <br />If you think that a senior citizen deferral may make sense <br />in your case, or if you have any questions regarding the <br />application of this option, please contact city hall for <br />further clarification. Senior citizen deferral application <br />forms are also available at city hall for your use. They <br />must be completed 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 number of you are eligible for a development <br />deferral option. In this case, your property has been <br />deemed to be potentially subdividable thereby subjecting <br />you to costs associated with the assumed new lot(s). In <br />this case, the 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 principal <br />balance until such time as the assessment is paid in full. <br />Should the property never be subdivided, the assessment <br />would not become payable. <br />Page 7 <br />