Owners Notified Of $238.58 Due In Banyan Village
LABELLE, FL. -- Property owners in the Banyan Village section of Port LaBelle received bills this week mandating the payment of $238.58 for assessments to pay for the extra costs of installing water lines in the last several years.
Payment in full is due by October 1st or if not paid, annual installments of $41.64 for 15 years will be added to property tax bills. Paying over the 15 year period is the equivalent of financing the full amount at 12% interest. There is some question of whether the county might increase the yearly payment amount if financing or other costs should increase for the county.
Owners who had paid into a utility escrow account previously, will have the paid-in amount deducted from the total amount due.
The county found the costs to install the Port LaBelle water lines exceeded estimates by over a million dollars. Only one home has been built in the subdivision, and none are expected to be built until the housing market improves in coming years.