Agenda - 04-12-2007-4 - Laserfiche WebLink

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publication by the County Tax Assessor. The County may choose to allow annual payments for any amounts not paid within thirty days. If amzualized payments are allowed, the following are the components that would need to be included in a payment policy. • Interest amount • Due date • Length of time to pay • Abeyance Interest amount: The County is allowed to accept payments on portions of the assessment not paid within thirty days of publication of the assessment schedule by the County Tax Assessor, but interest must be charged on a per annum basis. The maximum interest rate is 8%, according to NCGS, but no minimum rate is given. Due Date: The County may make the due date for the annual payments either the same day as real estate property taxes are due, or 60 days from notification that the assessment schedule has been published. Once a due date for the annual assessment payments has been established, the payments will be due on the same date every year for as many years as the payment policy allows. Length of time to pay: The County may allow the assessment payments to be spread out into equal annual payments, plus interest as described above, for up to 10 years. NCGS does not allow for payments to be extended beyond 10 years. Abeyance: The County may choose to hold assessment payments in abeyance, with no interest, for up to 10 years. The date on which the abeyance ends may be a date certain, or may be the date that improvements on the property are connected to the water or sewer system for which the assessment was made, whichever comes first. Once the period of abeyance ends, the assessment must be paid in accordance with the terms set out in the assessment resolution. Conclusion Any policy created by the BOCC would need to address these three major decision points. Though the NCGS lays out a very rigid framework for the special assessment process, these decision points will allow the BOCC to tailor the assessment policy to better meet local needs.