The interest rate is set by the New Mexico Finance Authority at the time the bonds are sold.
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A Special Assessment District, also known as a SAD, is a means to provide property owners infrastructure that was not built at the time their subdivision was created.The State of New Mexico refers to such subdivision land as “Premature Platting”.Please see our Special Assessment District (SAD) Information page for more information.
Developers of planned subdivisions are required to build the necessary infrastructure associated with their development.However, as a result of the “Premature Platting” having been performed long before the City of Rio Rancho existed (incorporated in 1981) there is no single developer of the subdivision.Each individual property owner, when he or she builds on the individual property owned, is the developer of that lot.Therefore, a SAD places the cost of the infrastructure on the developed who, in this case, is also the individual property owner.
The address used for the mailing list is obtained from the County Assessor’s Office.Therefore, the mailing are sent to the same persona and address that the County Property Tax bills are sent.It is thus in your best interest to contact the County Tax Assessor’s Office to verify that they have the correct name and contact information.It is best if you provide them with both the physical address (if one exists) and the legal address.For the legal address be sure to provide the Unit Number, Block Number, and Lot Number of each lot of concern.
At the very beginning of a SAD the City sends out a poll to each property owner to reflect their desire to participate in a SAD.The poll is not part of the legal SAD process and is, therefore, only sent via regular mail to the same address as the County Property Tax bills.The legal SAD process notifications such as those for the Benefit Hearing and the Assessment Hearing are sent via certified mail.
Inclusion of infrastructure improvements is determined based on engineering research.Therefore, the improvements either will be included or not be included based on engineering principles.
If the inclusion of additional improvement is supported by engineering research and the other SAD participants then it may be possible.Such changes are governed by the maximum benefit to the property, the cost of the improvements, and the timing of the request.
The amount of the assessment is first estimated by the design engineer so a cost may be compared to the benefit to the property.This estimated amount is available at the time of Resolution 2.However, the actual amount of the assessment will not be known until bids are received from the contractor and the low bidder is identified.This information is mailed to each property owner and is presented at the Assessment Hearing.
Assessments may be financed through the City or they may be paid in full during the cash pay period.On the average it takes about a year from the time a SAD is started to the time of the Cash Pay Period.If the assessment is financed the payback period and schedule is set in the Assessment Ordinance after Resolution 4.
If the assessment is financed the payback period and schedule is set in the Assessment Ordinance after Resolution 4.