Exact details of the payment options will be provided prior to the assessment hearing, but each property owner has a number of options. Standard options are listed below.
Note: The standard interest rates for 2025 are 4.16% for assessments under $5,000, 4.44% for assessments between $5,000 and $10,000, and 4.56% for assessments over $10,000.
Option 1: Full Payment. Payment to the City of Plymouth must be received no later than 4:30 pm on October 31, 2025.
Option 2: Installments Assessed to Property Tax. Principal amount will be assessed to your Hennepin County property tax equally over the terms of the assessment. Interest will accrue from November 1, 2025, until December 31, 2026, and each year thereafter. The full, unpaid remaining balance can be paid to the City of Plymouth at any time. This option will be automatically selected if no payment is received by 4:30pm on October 31, 2025.
Option 3: Partial Payment. Prepay any amount to the City of Plymouth no later than 4:30 pm on October 31, 2025. Partial payment reduces the amount of interest paid. The remaining balance follows the terms outlined above in Option 2 as annual installments to property tax.
Note: Current assessment rates and dates will be mailed to all property owners where assessments are proposed.