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Special Assessments - Penalty Calculation

Penalties are added immediately, as provided by law, when the assessment payment becomes delinquent. The penalty is calculated at 2% of the sum of the current principal balance and the billed interest per month. To avoid penalties, payment must be received or postmarked on or before the payment due date.

Example Calculation:
Unbilled Principal: $4,500.00
Billed Principal: $500.00
Billed Interest: $125.00
*Interest is based on an estimated 5% per annum

Unbilled Principal + Billed Principal and Billed Interest: $5,125.00

Penalty rate 2%: x .02 ($5,125.00 X .02)

Penalty per month: $102.50
*per month, not prorated for any portion of the month. Charged each month until the total due is paid in full

Example of Delinquent bill:
Principal
Interest
Penalty
Total Due
$500.00
$125.00
$102.50
$727.50


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