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108 SID 707 SID 108 Hualapai Desert Inn 108 & 124 SID 124 SID 128

132 Flamingo SID 132 SID MAP SID 151

Tropicana SID 159 SID 808 Russell

151 SID 809 SID 810 SID 812 Patrick SID 813 Sunset SID 814 Frequently asked questions about Summerlin’s “Special Improvement Districts”: 159

Why are special improvement districts created? Are there penalties for failure to pay or for underpayment Improvement Districts are created to fund public improvements such as roads, of assessments? curbs, sidewalks, utilities, etc. Usually, these public improvements are funded Yes. If an assessment payment is not received by the due date, a late penalty from the proceeds of a bond issue sold by the municipality. All properties will be imposed. In addition, failure to pay an assessment installment when due benefiting from these improvements are included in the District. may cause the whole amount of the outstanding assessment to become due and payable immediately. Failure to pay assessments may also result in commencement What are the assessment installment payments used for? of sale or foreclosure proceedings. To repay the principal and interest on the bonds issued to finance the cost of the above public improvements. How are the assessments apportioned? The assessments are apportioned on a per-acre basis. Who is responsible for repayment? The assessments constitute a lien on the property similar to property tax and How are public areas and public facilities handled? will be paid by the property owners. Public areas (those that generally benefit everyone within the Summerlin district) and public facilities such as parks, schools and roads are nonassessable. What happens if i sell my home? The remaining assessment due on your property is transferred to the new owner Is the assessment limited to the property i own? at the time of the sale. Yes. Under Nevada law, the assessment levied on any property owner’s tax parcel is limited to that individual piece of property. As a property owner, you will never How will the assessments be billed? be liable for any other owner’s inability to pay his/their assessment(s). Property owners will be billed on a semi-annual basis through either the City of Las Vegas or Clark County. Where can i get further information on Summerlin’s special improvement districts? Is there a penalty for prepaying the assessment? Contact the Assessment Management Group, Inc. at 702-796-0082. Yes. The prepayment penalty percentage may vary over time according to the terms of the Assessment Ordinance. The penalty percentage range is from 3% to 0% over the term of the bonds. For a prepayment penalty schedule, please contact the Assessment Management Group, Inc. at 702-796-0082. Updated 01.2020

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