Each year, the scheduled annual bond payment is combined with the collection costs to determine the total annual assessment. The TIRZ contribution is established after the tax roll is certified in July of each year, and the annual installment is reduced by the TIRZ contribution. The remaining amount is then divided by the total lot square footage of all benefited properties in the district to determine the annual assessment rate per square foot. That annual assessment rate is then applied to each benefited owner’s lot square footage of their property. This calculation is detailed in the Service and Assessment Plan that is updated annually, and it can be viewed on the city’s website at CityofIrving.org/2959.
The amortization schedule for the full term of the bond was established when the bonds were issued. The amortization schedule can be found on the city’s website at CityofIrving.org/2959.