This may help, here are the estimated figures from Cape Coral for a standard 80 x 120 vacant lot that I own in 6/7:

Pre-pay estimate is: $5,095 for water; $8,802 for the wastewater and $3,161 for the irrigation.

Annual payment estimate over 20 year term for this parcel is $823 for water; $1,410 wastewater and $517 for irrigation.

Ten year deferred payment estimate for this parcel is $10,833 for water; $18,640 for wastewater and $6,778 for irrigation.

When I attended the assessment meeting a few weeks ago, the city manager told us they calculated everything based on a 7.5% interest rate. That could change though.......it may go up or down depending on what the interest rate is when the city sells debt. I do have quite a bit of info on dollar amounts for the areas to be newly assessed (I'm working on getting those uploaded to my website). Please let me know if you'd like me to email what I have to you. The only thing I can say for any certainty is that the tax bill will go up. The dollar amount will be dependent on how you handle all 3 assessments, i.e., pay one off, defer another and amortize the last.

I hope this was helpful!

Danielle

If the property has not been assessed yet, but will be soon is there any way to see what that would do to the tax bill? I tried the calculator for Cape Coral, but the property has not been hit yet so there is no "payoff" info. What kind of interest rate if paid over the 20 years?

The assessments are also 3 separate entities: irrigation, potable water, wastewater. Each assessment has the option to be paid one of the 3 ways Mark mentioned below. If you're looking into property that's in the SW 6 & 7 or NE/NW sector that will soon be assessed you can make that decision once they come through with everything.

Keep in mind that the 10 year deferred method will cost a lot more over that period of time due to compounding interest. Deferred assessments are due at the end of 10 yrs regardless of whether you sell or stay in the property. The 20 year amortization isn't nearly as bad and can be assumed by a future buyer.

I have a plethora of info on the assessment issue. If you'd like any of it please let me know.

Danielle Sharp
Broker Assoc
Vadala Realty

You can check the balance yourself through the cape coral website http://www.capecoral.net/ecape/assessmentfeepayoffcalculator
Generally the assessments are paid over a number of years on the tax bill and the buyer assumes them Like everything else, this too is negotiable.

When utility improvements are made, Cape Coral offers three payment options (1) a complete upfront payoff (2) amortized annual payment of interest and principal over a twenty-year term (3) deferral of principal and interest for 10 years or until a sale, transfer or refinance of property.

The default option is number (2), the amortized annual payment option. With this amortized payment option, the most common scenario is that the outstanding utility assessments are assumed by the buyer.

Hello,
They can be paid off yearly with the tax bill. The agent your working with would be able to pull up and see what the amount yearly the seller was paying and the balance. Also be sure to find out if the house has been already been hooked up. Some homes I have run into have water and sewer in but not hooked up to the house. Those homes could have a fine with the city from not hooking up.
Best of luck,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
search Cape Coral mls at http://www.nancyd.listingbook.com