Sunday, October 10, 2010
I was recently informed the city I live in is repaving the streets and putting in curbs. They estimate our bill (just our house) will be $8 to 12,000 and if we cannot pay it they will add it to our taxes plus interest and it has to be paid off in 10 years which means approximately $1,000 per year plus interest (wasn't told the percentage) but this was quite a shock to find this news in a pile of mail I had forgotten to read. I think this will mean an extra $200 a month on our tax bill. My first estimate was $300 per month but I think I overestimated. I think I am going to have to go to City Hall this week and find out how this "speical assessment" will pan out.
I called City Hall today and found out since the project is still in the planning phase the extra cost will not be bill to us for about 2 years. By that time I will be over 65 and will quality for a deferment of the payments, though the interest will continue to accrue until we sell the house.
I also found out we can defer the regular tax bill also considering we have a low enough income to qualify for that program, too. And again, of course, there is interest payable at the time of selling the house but it does put my worst fears to rest regarding not being able to pay the real estate tax bills.
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