On February 6, 2024, the Gladwin and Midland county boards of commissioners voted to establish a Capital Assessment and a 2025-2029 Operations and Maintenance Assessment for the Four Lakes Special Assessment District. With all legal matters resolved, Four Lakes Task Force can move forward with securing financing for the remainder of the project.
The assessment roll is final, and property owners have the option to prepay all or a portion of their total Capital Assessment to avoid/reduce interest charges by July 1, 2025. Property owners are not required to prepay their special assessment and may instead make annual payments, including interest.
The assessment roll is final, and property owners have the option to prepay all or a portion of their total Capital Assessment to avoid/reduce interest charges by July 1, 2025. Property owners are not required to prepay their special assessment and may instead make annual payments, including interest.
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How do I know my total assessment payoff amount?
Your final total capital assessment amount can be found by searching for your parcel on the 2025 Capital Assessment map. To search for your property, use the search bar located on the top right side of the map. Enter the parcel owner name or parcel ID number. In the pop-up box, scroll down to the "Capital Assessment Information" section. The "Total Capital Assessment Principal Amount (to be financed over a 40 year period)" is your payoff amount. Can I prepay the 2025-2029 Operations & Maintenance assessment?
No, you cannot prepay this assessment. It will appear as a line item on your winter tax bill. What does the capital assessment pay for?
Capital improvement costs are fixed, one-time expenses to make the dams operable (engineering design, construction and repairs). Payments in connection with capital improvements will not occur until we finalize engineering plans, obtain all permits, receive construction bids, and conduct the Special Assessment hearing. What is the interest rate if I do not prepay?
The final interest rate will not be locked in until the prepayment deadline has passed and financing is secured. Why is there interest?
To complete the project, the remainder of the financing is secured by bonds. Interest charges will be placed on the principal amount of money that is borrowed. The interest charges will decrease each year as the principal amount is paid off. Can I pay after the deadline of July 1?
Yes, but you will be charged interest accrued to that point. Contact your county treasurer to find out how much interest has accrued on your parcel to pay off your assessment. What happens if I don't prepay?
You are not required to prepay. If you don’t, the assessment amount will be spread over 40 years and will be a line item on your annual winter tax bill starting in 2025. The amount placed on your taxes will include interest on the remaining unpaid principal amount. IF I PAY OFF THE PRINCIPAL, AND THE PROJECT DOES NOT COST AS MUCH AS PLANNED, DO I GET A REBATE?
If there were factors such as project performance or new grants that lower the overall project and financing costs, then the property owner obligation is lowered. So yes, if you paid off the principal and there is a “rebate” it would go to the owner of the property at the time. The point being that if you sell your property, any future new obligation or rebate goes to the new owner(s). We do not expect any adjustment. If one occurs at all, it is likely to happen when the project is much further along in the 2025 or 2026 timeframe. How is the assessment handled if I pay taxes through an escrow account?
FLTF encourages those that pay taxes via an escrow account to speak with their lender to ensure sufficient funds are accumulated in the account to pay for the special assessments beginning in 2025. |
How to Prepay:
You can pay in-person at the Gladwin or Midland County drain commission offices. You can also mail a check to the county drain commission offices:
Make Checks Payable to: Make all checks payable to your county drain commissioner (Gladwin County Drain Commission or Midland County Drain Commission). Include "FLTF Capital Assessment" and your parcel ID on the memo line of the check. Can I write one check for multiple parcels?
Yes, you can write one check to prepay your assessments for multiple parcels as long as they’re in the same county. If mailing your payment, please include the top portion of the letters you received for each parcel, which list your parcel number and total assessment, with your check. Can I Prepay with a credit card? Or pay online?
The counties do not accept credit card or online payments. See purple box above with information on how to pay. Will I receive a receipt for my prepayment?
Receipts will be provided to all property owners who prepay. |
Prepayments are due to the county in which the parcel is located by July 1, 2025.
