Within twenty (20) days after adoption of an ordinance of assessment, an owner of property against which assessments are levied or are to be levied pursuant to this chapter may apply to the Director of Budget and Finance for a deferment of payment of the assessment on grounds that timely payment will impose financial hardship upon him/her. The Director of Budget and Finance shall examine the applicant's financial condition to the extent necessary to determine whether or not timely payment of the assessment will cause such hardship. Acceptable evidence of financial hardship shall be found if the property being assessed is the principal residence of the owner, the property is non revenue producing and the combined income of the persons residing therein falls below fifty percent (50%) of the median income for the Kent area, as reported from time to time by the U.S. Department of Commerce Bureau of the Census, provided that proper documentation as to income level is submitted. If the Director of Budget and Finance determines that timely payment will cause such hardship, the Director shall provide for deferred payment of all or part of the amount of the assessment until the earliest of the following:
(a) Such future date or dates as the Director of Budget and Finance considers reasonable;
(b) Such time as the property is sold or transferred by the applicant;
(c) Such time as the property becomes subject to estate taxes under Ohio O.R.Chapter 5731.
(d) Such time as the use of the property is changed from an owner occupied structure.
Any charges, fees, or other costs incurred by the municipal corporation as a result of additional accounting requirements or borrowing made necessary by the deferment may be added to the amount of the assessment and collected in the same manner as the assessment. The amount of any assessment deferred under this section shall be a lien upon the property until full payment is received by the municipal corporation.
Evidence shall be submitted satisfactory to the Director of Law that the applicant has, and will continue to have, a policy or policies of insurance insuring the buildings and improvements then existing or thereafter erected on the property against loss or damage by fire, lightning, wind storm, hail, and such other risks as are ordinarily insured against by persons owning buildings and improvements similar to that of the applicant for the benefit of, and to the extent necessary to protect the interests of the City until the note hereinafter provided for is paid.
The Director of Budget and Finance shall approve or disapprove the application within thirty (30) days after receipt. The process of approval and administration of this section shall be in accordance with Section 925.09(c) through (f), except with respect to when a promissory note shall be due and payable.
Nothing contained herein shall prevent an owner of property from making an application to City Council for a deferment of payment in accordance with Ohio R.C. 727.25.1.
(Ord. 1992-23. Passed 4-8-92.)