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. ain thon ills a ppROVAL : <br /> DATE : A <br /> August 1, 1989, <br /> TO - <br /> Mayor and Councilmembers <br /> FROM . <br /> Sue VanderHeyden, Acting City Manager <br /> 2 TEM : PROPERTY TAX ASSESSMENT FOR 3316 SKYCROFT CIRCLE <br /> The attached resolution (89-020) concerns the certification of charges <br /> to the property taxes at 3316 Skycroft Circle for payable 1990. <br /> The property owners were notified of the hearing by certified mail on <br /> July 17, 1989 and July 24, 1989. <br /> The City Council, at their discretion, may charge interest on the amount <br /> due at a reasonable rate to be determined at this time. After <br /> conducting research at the Hennepin County Assessor's Office, it was <br /> found that most cities set the interest at 7.5%. <br /> If the City Council decides to institute an interest rate, the Council <br /> must then determine the number of months that it will be charged. Since <br /> the assessment is on payable 1990 property taxes, the Council can charge <br /> interest for the entire year - meaning 12 months. In addition, interest <br /> may be charged from the month of certification to the start of 1990, or <br /> 5 months. The total number of months that interest can be charged is <br /> 17. <br /> Please contact me if you have any questions or need more information. <br /> :cjk8.8.89 <br />