Real Estate Buyer’s Disclosure Form 

According to the 2013 PID Act, it is the seller’s responsibility to inform a prospective buyer of the special levy prior to signing a purchase offer. The Disclosure of Special Levy provides prospective buyers of District lots with information about the property. Disclosure Instructions are provided here.  Please refer to the Assessments per Lot tables to find the Maximum Special Levy (Most that can be assessed) number for a specific lot.

Prepayment 

Every District lot owner has the choice of paying an annual special levy assessment until the cost of the improvements is repaid or paying a lump sum prepayment (payoff). The District lien, which runs with the lot, is released when a prepayment is received and there is verification that no amounts are outstanding at the Colfax County Treasurer’s Office.  Note that any prepayment received after July 1 will not release the lien until the last assessment is paid on the next tax bill. (See July 1 Prepayment for more detail.)  Although a property need not be prepaid at time of conveyance to a new owner, you may need to provide your prospective clients with a general idea of what that amount may be.  However, a buyer may opt to assume the annual levy, which may not involve a prepayment quote request.
A prepayment is NOT a payoff and only pays the future assessments. Any assessments already billed through the County Tax Bills are still due if they have not been paid.

Field Guesstimating

A very rough guesstimate formula for a ballpark number is:

                  Maximum Special Levy   X   # of years to 2038   X   .35 = guesstimate

This calculation assumes that there are no outstanding amounts due to the Colfax County Treasurer’s Office.  Often the result is an overestimate of the actual prepayment number.  To find the maximum special levy for a given property please refer to the tables under Assessments per Lot : Most that can be assessed.  NOTE that this formula may change over time.  Please have the property owner contact the District office as soon as possible to obtain the exact prepayment amount.

Prepayment Calculations

To get a time-limited prepayment calculation, as early as possible ask the seller to complete Part A of the Notice of Intent to Prepay form (Notice of Intent to Prepay) and submit the form to the District office by mail or email.  Our third party consultants provide the exact calculations and it may take several days to get the information to the property owner. The District would be happy to provide you with that calculation if the property owner requests a copy of the calculation be sent to you.

To make a prepayment, an owner may not owe anything to the Colfax County Treasurer’s Office for the subject property or any other property in the owner’s name.  Those amounts, including any District assessments, must be paid separately to the County before the lien can be released.