Federal Rd-North Assessment Rate Reductions 2012 & 2015
The Federal Road North District pump and piping system was installed in 1992 and the benefited properties subsequently assessed the following year to pay off a 28 year bond of $3.4 million. Over the course of the last 20 years, the bond obligation has been paid by the original plus any new properties that have been hooked up in this district since 1993.
State Statues allow the WPCA to collect the necessary bond obligation amounts, plus any repairs and upgrades. However, since the WPCA is not a taxing authority, the program is not allowed to over collect. Subsequently, from time to time, it is necessary to adjust the rates downward so the assessment revenue stops when the bond obligation stops and not before. The original assessment rate was 9.3% of the Grand List value of all properties at the assesment year of 1992. The last previous town wide assessment was 1983. Conseqently, the assessment of new properties is based on what the value would have been in 1983.
In 2007, the assessments were reduced to 8.3% of the 1983 Grand List value. in January 2012 the asssement rate is further reduced to 7.5% of the 1983 Grand List value. The resolution can be downloaded as a high quaity pdf file or simply viewed below.
It is now proposed to lower the rate again to 4.65% of the 1983 Grand List Value for the June 2015 billing for existing customers with a balance due and new customers for projects under construction, such as Oak Meadows, Riverview, Newbury Village and properties due to start construction at the Four Corners.
Download: Federal Road North Assessment Reduction (2012)
Download: Federal Road North Assessment Reduction (2015)