Assessment Amounts and Changes Explained
In a public informational session about the Four Lakes Special Assessment on Monday, April 19, we shared changes to the assessment amounts. We're glad to see so many people engaged and interested in this topic so we are providing more information below.
What's the current estimated total assessment amount?
How does the math work in the above table? When I divide the total property assessment by 40, it doesn't equal the annual assessment.
The total property assessment amount is the principal without interest included. Similar to a mortgage on a house, the homeowner pays more than the principal because of interest added over time.
The operations assessment is also included in the annual capital improvement assessment, but not the principal or total property assessment amount. We currently estimate this at $72 per year for every property owner once the capital assessment begins.
How and why did the estimated assessments change from the original estimates (other than changes in project costs)?
Across all the lakes, one of the most impactful factors that changed the estimates was a decrease in the number of assessable parcels. When there are fewer parcels to distribute the assessment across, the assessment will rise for the parcels remaining. The primary reason for the parcel reductions is that we have identified more property owners with an adjacent lot with no development which has reduced factors. Additionally, the loan interest rate changed from 2% to 2.25%, and the estimated project costs changed.
If you have further questions please look at the frequently asked questions on our Special Assessment District webpage. If you don't see your question there, contact us.
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