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RELEVANT LINKS: <br />Minn. Stat. § 429.061, subd. <br />2. <br />Minn. Stat. § 429.061, subd. <br />2. <br />Minn. Stat. §§ 435.193 to <br />435.195. <br />Minn. Stat. § 190.05, subd, <br />5b or 5c. <br />2. Interest on deferred assessments <br />The city also determines, by ordinance or resolution, the amount of interest <br />on deferred assessments. Property owners may pay interest either annually <br />during the period of deferment, or when the assessment becomes payable. In <br />the resolution deferring the assessment, the council may forgive interest for <br />the deferment years through Dec. 31 of the year before the first installment <br />is due. The county auditor records deferred interest as well as deferred <br />assessments. <br />3. Deferrals for undeveloped property <br />For undeveloped property it is better to defer an assessment than to postpone <br />it because the city will eventually recoup costs. The council must include all <br />benefited property in the proceedings. At the meeting where the council <br />approves the assessment, it may levy the assessment but defer the first <br />installment of the assessment for unimproved property until a designated <br />future year, or until the platting of the property or the construction of <br />improvements. The council may set, by resolution, terms, conditions, <br />standards, and criteria for the deferral and future payments. The city must <br />file a certificate with the county recorder stating the legal description of <br />property subject to deferred assessments, and the amount of the deferred <br />assessment. <br />4. Deferrals for senior citizens, people with <br />disabilities and members of the military <br />When adopting a special assessment, a city council has authority to defer the <br />payment of that assessment for any homestead property owned by a person <br />65 or older or retired by virtue of a permanent and total disability for whom <br />it would be a hardship to make the payments. Cities may also defer <br />assessment payments for property owned by a member of the Minnesota <br />National Guard (or other military reserves) ordered into active military <br />service if it would be a hardship for that person to make the payments. If the <br />city grants the deferment, it must notify the register of deeds of the <br />deferment. The council may determine the amount of interest charges on the <br />deferred assessment. <br />The deferment ends and all accumulated amounts (plus applicable interest, if <br />any) become due upon the death of the owner (if the spouse is not otherwise <br />eligible for the deferment); the sale, transfer or subdivision of any part of the <br />property; loss of homestead status on the property; or the council's <br />determination that immediate or partial payment would impose no hardship. <br />League of Minnesota Cities Information Memo: 9/22/2011 <br />Special Assessment Guide Page 27 <br />