Embrey Mill Special Assessments
Embrey Mill is a unique community with many amenities. It’s also a community with a special assessment for each lot. When you speak to builders representatives at Embrey Mill this special assessment may be described as a low monthly payment which accompanies your homeowners association dues. The first time it could be mentioned is during contract presentation after you decide to buy a home in Embrey Mill.
The assessment has a one-time payoff of $24,434 for single-family homes, and $15,839 for town homes. If the assessment is not paid in full at the time of purchase it will be billed twice a year as a separate bill. This is not a tax wrapped into a mortgage payment. The amount of yearly payments collected by the county on all homes in the Embrey Mill Community Development Authority is set by February 15th of each year, and billed on June 5th and December 5th of each year.
In 2016, the payment for the year was set at $1,464 for single-family homes, and $956 for town homes which included a 2% annual increase. This is a 30-year payment term. The balance is either transferred or paid in full at closing for existing owners selling a home in Embrey Mill. During a 30-year term these amortized payments would be $68,419 and $24,434 respectively at today’s rates.
The Annual Payment of the Parcel =
The outstanding payment portion of the special assessment for the parcel
The annual installment rate for the assessment year for which the calculation is being made.
What does this mean? It means the assessment is adjustable and relies on the movement of the S & P CoreLogic Case-Shiller Home Price Index. The assessment can increase each year if you’re not making a one-time payment at the time of purchasing an Embrey Mill home.
A = The Special Assessment of a Parcel
B = The Total of the Special Assessments for all Parcels in the Embrey Mill Community
C = The Equivalent Units of the Parcel
D = The Sum of the Equivalent Units for all of the Parcels in the Embrey Mill Community
The formula is: A = B x (C divided by D)
What is the purpose for the special assessment? It pays for the following infrastructure servicing Embrey Mill subdivision:
Estimated cost of infrastructure: $25,733,225. Cost of infrastructure, improvements, services and operations during 30 years: $45,000,000.
The Embrey Mill special assessment is a property lien with the same priority as regular real estate property taxes.
These are maximum allowed residential units by category. The combined number of units when Embrey Mill is completed will be 2,248.
Source: Stafford County Ordinance 013-27 (Embrey Mill Community Development Authority).
Contact us if you are considering the purchase of a home in Embrey Mill or surrounding communities for advice and representation.