2013.06.11 EDA Packet - Laserfiche WebLink

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11. Senior Citizen Deferments As allowed by the Minnesota Statute, the City has a special assessment deferral policy for low-income senior citizens and disabled persons as follows: A. Special Assessment Deferral 1. Pursuant to Minn. Stat. 435.193 through 435.195 senior citizens may defer special assessments levied against homestead property owned by the applicant if the criteria set forth below are met by the applicant. B. Eliig bility 1. Any person may request deferment of special assessments levied against real property once they are 65 years of age or older, whether or not they turn 65 before an assessment is levied or during the assessment repayment period. A deferment may be requested for assessments related to a public improvement if the following conditions are met: a. Ownership: The applicant must be the fee simple owner of the property or must be a contract vendee for fee simple ownership. b. Homestead: The property must be the applicant's principal place of domicile and classified on the County's real-estate tax rolls as the applicant's homestead. C. Interest on Deferred Assessment 1. All deferred special assessments shall be subject to and charged simple interest at the prevailing rate applicable at the time the assessment was originally levied. Said interest shall be payable upon termination of the deferral status. D. Termination of Deferral Status 1. Special assessment payments deferred pursuant to the eligibility requirements set forth by this resolution shall become payable effective upon the occurrence of one of the following events: a. Sale of Property: The subject property is sold, transferred, subdivided, or in any way conveyed to another by the fee owner qualified for deferral status. b. Death of Owner: The death of the fee owner qualified for deferral status unless a surviving spouse is eligible for the deferral benefit provided hereunder. c. Non-homestead Property The subject property loses its homestead status for any reason. Page 7