The Town of Palm Beach unveiled the on-line search tool today at the Undergrounding Task Force meeting so you can see the undergrounding assessment costs for your property.
It's easy. Simply enter your address and click Find. Here's an Example:
From the Town Website www.UndergroundPalmBeach.com:
- Assessments are estimated and are subject to change.
- The assessments provided are annual assessments that will appear on Property Tax bills.
- The debt service is based on an estimated total debt issue of $90,000,000 for 30 years at an estimated interest rate of 3.81%.
- Assessments are calculated based on an estimated annual debt service of $5,080,000.
- The interest rate used in the calculation was based on the AAA General Obligation bond interest rate market which is the lowest long term interest rate available to local governments as of October 2015. The interest rate is subject to change. For example, as of January 28, 2016 the AAA GO Rate was 3.56%.
- The assessment has been increased by 2% to include the 2% first year charge imposed for the cost of collections by the Palm Beach County Tax Collector and Property Appraiser. In the second year and every year thereafter the cost drops to approximately 1% for Tax Collector administrative charges.
- The assessment amount assumes that the assessment is paid in November and receives the 4% discount allowed by the Palm Beach County Tax Collector.
- The methodology is calculated based on the special benefit provided to properties within the Town as a result of undergrounding overhead utilities.
- The benefits are safety, reliability and aesthetics.
- The benefits are allocated 40% to safety, 30% to reliability and 30% to aesthetics.
- The safety factoris based on land use and lot size. Reliability is based on population density factors derived from the 2010 census data and land use. The Aesthetic calculation is based on density factors, lot size and land use.
- If a property has overhead utilities, then they receive the entire weight of the safety reliability and aesthetic benefits based on their land use and lot size.
- If a property does not have overhead utilities, the assessment is reduced by 1/2 of the safety and aesthetics benefits and reduced by 1/3 for reliability benefits.
Exempted and Parcels
- Parcels that have been exempted from the calculation includevacant parcels that are not buildable and/or do not have ANY utility service.
- The properties located in the Everglades Island and Via Fontana Assessment Districts are exempt from this calculation. They were part of the neighborhood underground program and are already being assessed for their project costs.
- Also excluded are the properties in the future Lake Towers and Nightingale/LaPuerta underground assessment districts. These properties have opted to pursue their own neighborhood project and will be assessed based on their project costs.