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Summerlin, Las Vegas Nevada
Information on L.I.D.'s and/or S.I.D.'s
Special Improvement Districts # 108, 124, 404, 707
The community of Summerlin has been developed in one of the most beautiful areas of Las Vegas. The creation of this dynamic living environment has set forth many exciting challenges. In order to ensure that all Summerlin residents are able to enjoy certain improvements, four Special Improvement Districts have been formed. This page should provide you information about these districts and how they affect the Summerlin residents.
What are the 4 districts?
SID #108: in May of 1997, the county of Clark issued $37,000,000 in bonds to fund the acquisition and construction of certain street, water, sewer and drainage improvements specifically benefiting property located in the county's Special Improvement District #108
SID #124: in January of 2000, the county of Clark issued $7,200,000 in bonds to fund the acquisition and construction of certain street, water, sewer and drainage improvements specifically benefiting property located in the county's Special Improvement District #124.
SID #404: in December of 1989, the city of Las Vegas issued $73,885,000 in bonds to fund the acquisition and construction of streets, water, sewer, street lights, the Summerlin Parkway and interchange, and drainage and traffic signal improvements specifically benefiting property located in the city's Special Improvement District #404.
SID #707: In July of 1996, the city of Las Vegas issued $40,000,000 in bonds to fund the acquisition and construction of certain streets, water, sewer, street lights, and drainage and traffic signal improvements specifically benefiting property located in the city's Special Improvement District #707.
What are the installment payments used for? To repay the principal and interest on the bonds issued to finance the cost of public improvements.
How are the bonds secured? The bonds are secured by the unpaid assessments on property within the districts.
Who is responsible for repayment? The assessments constitute a lien on the property similar to property tax and will be paid by the property owners.
How are the assessments billed? The #108 and #124 assessments are being billed by Clark County to the property owners on a semi-annual basis. The #404 and #707 assessments are being billed by the city of Las Vegas to the property owners on a semi-annual basis.
When are the assessment payments due? assessment payments are due as follows:
#108 June 1 and December 1 of each year until December 1, 2016 |
#124 June 1 and December 1 of each year until December 1, 2019 |
#404 April 1 and October 1 of each year until October 1, 2009 |
#707 April 1 and October 1 of each year until April 1, 2016 |
Repayment Penalties
#108 |
3% penalty if paid prior to Dec. 1, 2006 |
2% penalty if paid Dec. 2, 2006 - Dec. 1, 2007 |
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1% penalty if paid Dec. 2, 2007 - Dec. 1, 2008 |
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0% penalty if paid Dec. 2, 2008 and thereafter |
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#124 |
3% penalty if paid prior to Dec. 1, 2009 |
2% penalty if paid Dec. 2, 2009 - Dec. 1, 2010 |
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1% penalty if paid Dec. 2, 2010 - Dec. 1, 2011 |
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0% penalty if paid Dec. 2, 2011 and thereafter |
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| #404 | 2.5% penalty if paid prior to Oct. 1, 2002 |
2% penalty if paid Oct. 2, 2002 - Oct. 1, 2003 |
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1% penalty if paid Oct. 2, 2003 - Oct. 1, 2004 |
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0% penalty if paid Oct. 2, 2004 and thereafter |
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| #707 | 3% penalty if paid prior to June 1, 2006 |
2% penalty if paid June 2, 2006 - June 1, 2007 |
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1% penalty if paid June 2, 2007 - June 1, 2008 |
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0% penalty if paid June 2, 2008 and thereafter |
Summerlin Area Real Estate Agent
What happens if I sell my home? The remaining assessment is transferred to the new owner at the time of the sale.
How will I keep track of assessment interest paid? An interest summary statement will be sent, if the annual interest exceeds $600, to property owners during the month of January.
Are there penalties for under-payment of assessments? Yes. If #108 or #124 assessment payments are not received by the due dates indicated on the bills, a late penalty of 2% of the total outstanding assessment will be imposed at the first of each month. In addition, failure to pay an assessment installment when due may cause the whole amount of the outstanding assessment to become due and payable immediately as a result of the commencement of sale or foreclosure proceedings.
Yes. If #404 and #707 assessment payments are received for less than what was billed, a penalty of 2% of the total principal amount per month will be added. If full payment (including the 2% penalty) is not received within 60 days from the payment due dates of April 1 and October 1, the city may conduct a sale of the property to pay the assessment in full.
What about over-payments? If a #108 or #124 assessment payment is received for an amount greater than what was billed, the amount of the over-payment will be credited in the manner indicated on the payment coupon. If no selection is indicated, the over-payment will be applied in accordance with policy established by the county.
If a #404 or #707 assessment is received for an amount greater than what was billed, the amount of over-payment will be credited to the interest amount due on the next semi-annual assessment. If a credit balance still exists, it will be applied to the principal amount due on the next semi-annual assessment. So the next bill sent will reflect the new credit balance.
How are the assessments allocated? The assessments are apportioned or allocated on a per acreage basis by the Public works Department of the city for #404 and #707 and Clark County for #108 and #124 for each acre or partial acre owned.
How are common areas handled? Common areas are those that generally benefit everyone within the Summerlin district. Parks, schools, roads and golf courses are non-assessable common areas. Each property owner receives an assessment of each acre or partial acre owned plus a share of the costs associated with the non-assessable common areas that are calculated to benefit the total Summerlin area.
Is the assessment limited to the property? 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 be liable for any other owner(s) inability to pay his/her assessment(s).
Where can I get further information on the Special Improvement District?
#108 and #124 contact County of Clark, Treasurer's Office (702) 796-0082
#404 and #707 contact City of Las Vegas Finance Department (702) 796-0082
Who should I contact to purchase or sell Summerlin Real Estate? Call Andreas Adrian, Realtor in Las Vegas at (702) 682-2902. Visit his website or send Email.
The information on this page may not be up to date, correct or applicable in your case. Some homeowners may have already paid their assessment in full. Call Andreas Adrian of Majestic Properties at (702) 682-2902 to see any of the properties for sale in Summerlin. Andreas will be able to provide you with information if the property you are interested in, has already paid the assessment in full.
Summerlin Area Commercial Real Estate Agent
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Nevada cities and counties: Boulder City, Clark County, Green Valley, Henderson, Incline Village, Las Vegas, North Charleston, Pahrump, Reno, Sparks, Spring Valley, Washoe County.
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