Home Page :: About Muirfield Village :: For Real Estate Agents :: Annual Assessment Explained
ANNUAL ASSESSMENT EXPLAINED
By purchasing a property in Muirfield Village, an owner becomes a member of the Muirfield Homeowners Association. This is a mandated association and there is an annual assessment for living in Muirfield.
Reason For the Annual Assessment
For the purpose of providing funds for operating expenses and capital improvements, the Board of Directors has authorized collection of an annual assessment per Article 2 of the Warranty Deed.
One of the many things the assessment is used for is the operation and maintenance of Muirfield amenities. Consequently, Muirfield residents are not required to pay a separate fee to use the amenities.
Annual Assessment Rate
The annual assessment rate is $2.30 per $1,000 of the fair market value as placed on the property by the county auditor on or around January 1 of each year. The selling or buying price of the property is never used to calculate the amount. The formula below will help figure out the amount. Real estate agents may call the Association for the exact amount.
The county auditor will re-assess every property in the county every three years. Since the annual assessment is based on the value of the property as assigned by the auditor, the assessment amount may go up or down.
The only possible way to reduce the amount a resident pays for the annual assessment is to have the property assessed by the auditor at a value lower than the current one. Residents may not choose to have the assessment amount reduced by agreeing not to use an amenity.
Billing Frequency and Timing
The assessment is billed one year in arrears, similar to property taxes. For example, the annual assessment for the year 2017 will be billed in early 2018.
The assessment is billed annually. The invoice is sent between late January and early February. Regardless of what date the billing occurs, residents have 30 days from the date of invoice to pay the balance.
Because the annual assessment is paid in arrears, the seller of a property must pay their proportionate share of the current year's assessment through and including the date of closing. This amount will be listed on the settlement statement. The buyer will be billed the following January for the unpaid balance unless other payment arrangements are made between the seller, buyer, and/or title company.
Transfer Fees
Muirfield Association does not charge a transfer fee or any other fee when a property is bought or sold.
Sub-Associations
Sub-associations may charge additional fees that are entirely separate and in addition to the annual assessment.
Each sub-association is autonomous in the amount charged, the frequency and timing of billing, and what resident benefits the fee covers.
For information regarding fees, property restrictions, or maintenance performance in a sub-association, visit the Sub-Associations page and contact the appropriate neighborhood representative and/or property maintenance agency. Muirfield Association does not have this information.
If in doubt whether a property is part of a sub-association or not, please contact the Association office.
It should be noted that a number of sub-associations have additional property restrictions. These restrictions are in addition to Muirfield Association's restrictions. Please contact the appropriate resident contact and/or property maintenance agency listed on the Sub-Associations page for more information.
Obtain the fair market value as placed on the property by the county auditor. This can be found on the appropriate county auditor's site for the property. Multiply the fair market value by .0023 to get the annual assessment amount. Alternately, you are welcome to call the office at 614-889-0922 to get the amount.
