7 Special Assessments Flashcards

• Special Assessments Flashcards

What is a benefit of a Critical Infrastructure Assessment?Allows a unit to front the cost with borrowed monies.Who eventually pays for a Critical Infrastructure Assessment?Eventual Property Owners, not the Local Government or Developer.True or FalseAuthorized projects are never exclusively government infrastructure projects.False, They almost always are What must the municipality receive before it can levy a traditional assessment for street and sidewalk improvements?(Majority, Majority Liner Ft.)A petition representing a majority of owners who represent a majority of the lineal feet of the property to be assessed.What fee doe the Critical Infrastructure Assessment function like?Impact Fee Must the unit complete the project before a critical infrastructure assessment can be imposed?No . Assessments will be based on estimated costs.Outline process of imposing a Traditional Assessment?Petition (streets and sidewalks onlyAdopt preliminary assessment resolutionProvide notice of assessment to property ownersPublic hearingAdopt resolutionPrepare Assessment ROLLProvide notice of assessment to property ownersPublic hearingConfirm Assessment ROLL Are tax-exempt properties not owned by state or federal government subject to the assessment?Yes What is the statutory process for imposing a Critical Infrastructure Assessment?Same as the Traditional Method, except project does not need to be completed prior to Confirming the Assessment ROLL.What is required before a a unit can impose any Critical Infrastructure Assessment?(Majority, 66% of Assessed Value)A petition representing a majority of property owners representing 66% of the assessed value of the property.What remedy does the unit have to collect delinquent Critical Infrastructure Assessment payments?The same remedy it has to collect delinquent property taxes.When doe the authority for a critical infrastructure expire?2020 Name 2 types of Special AssessmentTraditional AssessmentCritical Infrastructure Assessment When is an impact fee charged to the developer? Upon obtaining a permit What are payment options?Unit can demand payment within 30 days or allow installment payments, with interest up to 8% on outstanding payments, over 10 years.True or FalseA unit may not create traditional assessment zones and set different rates of assessment. according to the degree of benefit to the properties in that zone.False.Is a petition required to levy a special assessment?No, only for Sidewalks and Streets and by a certain percentage.Define Special AssessmentA charge levied against property to pay for public improvements that will benefit that properties.

True or FalseAn assessment creates a lien on the property.True When is payment collected for a Critical Infrastructure Assessment?When the project is completed.What is the purpose of a Critical Infrastructure Assessment?To help local units fund public infrastructure projects that benefit new private development.What is the allowable installment payback period for a Critical Infrastructure Assessment?25 Years and will correspond to the debt service obligation May the unit front the cost of a Critical Infrastructure Assessment and recoup with yearly investment payments?Yes What is the minimum number of public hearings required for either type of special assessment?Two In a traditional assessment, Must the basis rate of a special assessment be equal across all properties?Yes May a unit borrow money to pay for a Critical Infrastructure Assessment? And what does it pledge as security?YesSpecial Assessment Revenue Backed Bond.It pledges the Assessment Revenues using the yearly assessment payments to meet the debt service obligation.What must the county receive before it can levy a traditional assessment for street improvements?(75% Owner, 75% Liner Ft)A petition from 75% of the Owners representing 75% of the lineal feet of the property to be assessed.What must a petition contain for a Critical Infrastructure Assessment?Purpose for AssessmentEstimated Cost of total projectPercentage of Cost to be assessed Must the unit complete the project before a traditional assessment can be imposed?Yes True or FalseA broader range of public infrastructure projects may be funded thru a Critical Infrastructure Assessment than the Traditional Assessment?True How does the Assessment method differ between the Critical Infrastructure Assessment and the Traditional Infrastructure?Traditional method is based on statutory requirements.Critical Method must relate to the benefit of the properties assessed and is the discretion of the Board..For what purposes may a Traditional Special Assessment be made?County includes water systems, sewage collection and disposal, beach erosion, drainage, transportation improvements. Municipalities includes same including sidewalks, streets, but not public transportation improvements.When does a traditional assessment become a Lein? Once the Assessment ROLL has been confirmed.