Indiana Code 36-9-37-12. Payment of assessment in deferred installments; time for making payments
(b) If a property owner has elected to pay the property owner’s assessment in installments and the assessment roll for the cost of the improvement was finally approved after June 30 of a year, the first installment of the principal of the assessment, together with accrued interest, is payable on May 10 of the following year.
Terms Used In Indiana Code 36-9-37-12
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) one (1) year intervals after the date of payment of the first installment under subsection (a) or (b) if the property owner elected annual payments; or
(2) one (1) month intervals after the date of payment of the first installment under subsection (a) or (b) if the property owner elected monthly payments.
(d) This subsection applies if the property owner elected annual installment payments. With the first installment of principal, and interest to the first bond maturity date, an amount sufficient to cover six (6) months interest in advance on the assessment shall also be collected. With each succeeding installment of principal, except the last installment, six (6) months interest shall be collected in advance, so that only one (1) annual payment is made by the property owner on the assessment.
(e) This subsection applies if the property owner elected monthly installment payments. With each of the first six (6) installments of principal, and interest to the first bond maturity date, an amount sufficient to cover one (1) additional month’s interest in advance on the assessment shall also be collected. With each succeeding installment of principal, except the last six (6) installments, one (1) month’s interest shall be collected in advance.
As added by P.L.98-1993, SEC.8. Amended by P.L.62-2001, SEC.6.