High Meadow; Ledgewood; Newbury Crossing Condo Benefit Assessments
The repayment of a bond is provided by Benefit Assessment (BA). This is a legal lien on a property to pay the bond obligation by the Town. The BA is calcuated as the total cost of the project divided by the total Grand List value of the properties improved by the sewer service.
Below is the example of the High Meadow Project using the engineering estimate of the final cost ($2,238,000) and an average GLV for a unit in each condo development. See the Assessment Calculator.
|Condo Complex||GL Assessment*||Units||Ave GLV||Ave BA#||20-Year Bond†|
|High Meadow||15,223,500||79||192,829||16,109||$805 per year|
|Ledgewood||4,325,700||38||113,834||9,509||$425 per year|
|Newbury Crossing||5,854,400||44||113,055||11,115||$556 per year|
* Grand List Assessment by the Brookfield Tax Assessor
# Benefit Assessment as $2.238 Project Cost / $25.423 GL Total = 8.8%
† This is the principal payment each year. There is an interest charge on the unpaid balance. The interest will depend on the bond interest. The interest amount declines every year as the bond principal is paid off.
Connecting an individual unit at Legdewood. Includes a clean out. Measuring:
Finalizing gravity connection to main line—gentle turns; careful to slope downward.