The Special Assessment levy can be paid in annual installments or a lump-sum payment without penalty. Annual installment payments are to be billed and paid each year until the bonds are fully paid in 2032 on the same schedule as ad valorem property taxes. Property owners choosing to pay their total assessments in a lump sum will forego the benefits of the annual TIRZ contribution toward their assessments.
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On Jan. 24, 2013, the Irving City Council approved a resolution which authorized the creation of the Campion Hollows (Ranchview) PID to finance certain public improvements for the benefit of property in the PID. The City of Irving is the governing body of the PID. The City of Irving issued Combination Tax and Revenue Certificates of Obligation, Series 2013A (the “Bonds”) in the amount of $3,293,426.55 to finance public improvements within the PID. Those improvements include:
The Bonds are to be repaid by annual assessments based on lot square footage of the properties in the PID.
In conjunction with creating the PID, the Irving City Council established the Ranchview Tax Increment Reinvestment Zone (TIRZ) and dedicated 50 percent of the city’s Maintenance and Operations portion of the new incremental taxes generated by the Ranchview development toward paying the bond payments. This TIRZ payment reduces the annual assessment paid by Ranchview property owners.
An invoice for the annual installment of the Special Assessment is sent to the property owner on or about Oct. 1 each year and is due and payable at that time. The annual installment must be paid in full by the following Jan. 31 to avoid late fees and penalties. This follows the same payment schedule as the ad valorem property taxes.
The annual installments can be paid online at CityofIrving.org/2959 or payment may be mailed to:
PID AssessmentP.O. Box 840058Dallas, TX 75284-0058
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.
The annual installment is subject to change each year as the amortization schedule the collection costs and the TIRZ contributions stabilize. Once the full value of the TIRZ is stabilized and the bond payments reach stabilized payments the PID payment should remain fairly consistent through the duration.