Hartland Township Issuing Water SAD Refunds
December 2, 2021
By Mike Kruzman / firstname.lastname@example.org
Hundreds of Hartland Township property owners are set to receive a refund from a water special assessment district.
Collections ended last year and the final payment was made this past May for the 20 year Water System Special Assessment Bond project. Hartland Township Finance Director Susan Dryden-Hogan told the Board of Trustees, Tuesday night, that they have come finalized the list of parcels that will be refunded a share of the $255,124.54 surplus.
Township Manager Bob West said this is actually pretty standard. He said that when they finance the bonding, it generally has a 1% interest rate on top of whatever the market is to provide security in the event of a default or other complication. West said that due to this extra 1% and interest rates that fluctuate over the 20-year bond, they have this leftover dollar amount.
Roughly 800 parcels will be receiving a refund. West said that the amount received will be directly proportional to the amount of capacity purchased 20 years ago. Most property owners will be receiving an amount under $1,000, with many receiving payouts of $4.12 or $11.55. Forty or so will get amounts in excess of $1,000.
The refunds, due to state statute, are also tied to the parcel and not the parcel owner, meaning that whoever owns the property as of the time of the Board’s decision to issue refunds will be the one to receive it, and not property owners who paid into the SAD but later sold.
Dryden-Hogan said they are hoping to have these checks in the mail to recipients by the end of the year.