Cost Search Tool

Cost Search Tool

Instructions

Please type in your property address to determine your estimated assessment cost for undergrounding. As you type your address, the screen should begin to populate with options.

When typing in your address, please use abbreviations wherever possible. For example, use “N” for “North” or “Ave” for “Avenue”.

If for some reason, your address is not appearing, please contact the undergrounding hotline at 561.227.7077, email Underground@TownofPalmBeach.com or contact the Town on our online web form here.

Click here for financing FAQs.

Click here to read about the assessment methodology. 

ASSUMPTIONS

• Assessments are the initial estimated assessments and are subject to change
• The amount of the initial assessment is based on estimated debt service for a total debt issue of $90,000,000 for 30 years at an estimated interest rate of 4.31%.
• Assessments are calculated based on an estimated annual debt service of $5,275,000.
• The assessment has been increased by 2% to include the 2% first year charge imposed for the cost of collections by the Palm Beach County Tax Collector and Property Appraiser. In the second year and every year thereafter the cost drops to approximately 1% for Tax Collector and a small fee for the Property Appraiser.
• The assessment amount in the notice has been increased by 5% to account for the up to 4% early payment discount allowed by the Palm Beach County Tax Collector and a contingency for uncollectable assessments.

PREPAY OPTION

• Prepayment of assessment avoids the debt issuance cost and the interest cost on the bonds.
• Prepayment of assessment allows the property to avoid the annual assessment for the current owner and all subsequent owners.
• Prepayments will be allowed until the Town issues Long Term Debt.
• Depending upon when prepayment occurs, assessments will be used for project costs or to pay debt service and therefore, reduce the amount the Town will need to borrow.

ASSESSMENT METHODOLOGY

• The methodology is calculated based on the special benefit provided to properties within the Town as a result of undergrounding overhead utilities.
• The benefits are safety, reliability and aesthetics.
• The benefits are allocated 30.8% to safety, 38.4% to reliability and 30.8% to aesthetics.
• The safety factor is based on land use and lot size. Reliability is based on population density factors derived from the 2010 census data and land use. The Aesthetic calculation is based on lot size and land use.
• If a property has overhead utilities, then they receive the entire weight of the safety reliability and aesthetic benefits based on their land use and lot size.
• If a property does not have overhead utilities, the assessment is reduced by 1/2 of the safety and aesthetics benefits.