Blfd Vlg SAD.pdf
Joseph Matthew Burkhart, Petitioner V Township Of Bloomfield, Respondent · 25-002370-TT
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Bloomfield Township MICHAEL E. SCHOSTAK, TREASURER May 19, 2025 JOSEPH BURKHART 412 N WILLIAMSBURY RD BLOOMFIELD HILLS, MI 48301 RE: 412 N WILLIAMSBURY RD - Parcel Number 1927404005 Dear Property Owner: On May 12, 2025 the Bloomfield Township Board of Trustees confirmed the assessment roll for Special Assessment District No. 428, known as the "Gold" Village Area Road Paving Project. Bloomfield Village Association has a website with all of the information about the project, https://www.villageroads.org/. This letter serves as your invoice for this Special Assessment with the amount to be paid in full without interest before July 15, 2025. The Special Assessment allocated to your property is $50,736.52. If you choose not to pay in full at this time, we can bill you in fifteen (15) annual installments, including interest, beginning on December 1, 2025. See the reverse side for an illustration of what the annual payments may look like. Importantly, in accordance with state law, the annual special assessment is assumable by the buyer of a property. The Township intends to pay the cost of the $7,610,478 project by issuing bonds after July 15, 2025. Any assessment which has not been paid by July 15, 2025, will bear interest until paid, at a rate not to exceed one percent (1%) above the average rate of interest borne by the bonds. 7he interest rate will be determined after the bonds are sold. As a point of reference, the rate on last year’s SAD was 4.7%, though this year’s could be higher. Please be aware that financial assistance is available to homeowners who qualify through our Special Assessment Deferment Program. Please see the enclosed flyer for more information. Please make checks payable to Bloomfield Township and put your Parcel Number on your check when making a payment to ensure proper processing. Do not hesitate to contact my office at 248-433-7705 if you have any questions regarding the special assessment. Best, go TS | % Sha (y— Michael E. Schostak TOWNSHIP TREASURER 4200 Telegraph Road P.O. Box 489 Bloomfield Township, MI 48303-0489 Phone: 248-433-7705 www.bloomfieldtwp.org
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ILLUSTRATIVE SAD PAYMENT SCHEDULE This is for estimating purposes only — the final interest rate will only be known after the bonds are sold and could be higher Payments are due with Winter Taxes, payable December 1 through February 14 Assumes the 2024 SAD Interest Rate of 4.7% (see note above) Beginning Total Ending Year Balance Assessment Interest Payment Balance 2025* $50,737 3,382 994 4,376 $47,354 2026 $47,354 3,382 2,226 5,608 $43,972 2027 $43,972 3,382 2,067 5/449 $40,589 2028 $40,589 3,382 1,908 5,290 $37,207 2029 $37,207 3,382 1,749 5131 $33,824 2030 $33,824 3,382 1.590 4972 $30,442 2031 $30,442 3,382 1,431 4,813 $27,059 2032 $27,059 3,382 1272 4,654 $23,677 2033 $23,677 3,382 1,113 4,495 $20,295 2034 $20,295 3,382 954 4,336 $16,912 2035 $16,912 3,382 795 4177 $13,530 2036 $13,530 3,382 636 4,018 $10,147 2037 $10,147 3,382 477 3,859 $6,765 2038 $6,765 3,382 318 3,700 $3,382 2039 $3,382 3,382 159 3,541 $0 * Interest accrues from July 15 to November 30 only