City of St. Paul Park 

Property owners who do not want to prepay the special assessment in full can have the special assessment added to their tax statement.  Special Assessments are payable in equal annual installments extending over a period of time (typically 15 years) with interest. 

YEAR 1

1. Total amount to be assessed -:- number of years = yearly principal
2. Total amount to be assessed x interest rate -:- 365 days x (12 months + additional months and days) = interest
3. Principal + Interest = amount due in year 1

Example: 

1. $3,495 -:- 15 years = $233 (yearly principal)
2. $3,495 x 4.5% -:- 365 days x (571 days) = $246.03 (interest)
3. $479.03 (amount due in year 1)

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YEAR 2

1. Yearly principal amount (see year 1) = principal
2. Total amount to be assessed - principal paid = remaining balance
3. Remaining balance x interest rate  = interest
4. Yearly principal + interest = amount due in year 2
5. Continue same calculation for remaining years

Example:

1. $233 (principal)
2. $3,495 - $233 = $3262 (remaining balance)
3. $3262 x 4.5% = $146.79 (interest)
4. $233 + $146.79 = $379.79 (amount due in year 2)

YEAR 3

1. $233 (principal)
2. $3262 - $233 = $3029 (remaining balance)
3. 3029 x 4.5% = $136.30 (interest)
4. $233 + 136.30 = $369.30 (amount due in year 3)