The Power of the SSA

WISEMAN-HUGHES NOW PAYS YOUR SSA – CALL FOR DETAILS.

Investment Choice

You may choose between the SSA assessment being included in the price of your home or not. At Wiseman-Hughes, we love to think that Windett Ridge will be "home" forever to you but in case it won't, you are given a choice on how to finance this over your time at Windett Ridge.

Greater Affordability

With an SSA the price of a home at Windett Ridge has been reduced by thousands of dollars - qualifying you for more home than ever before. Using the money saved you may add more value and equity to your home when you upgrade your floor plan, your home-site or even a view! Your SSA also provides an additional interest deduction on your Federal Income taxes (please speak to your income tax professional), providing you with even more savings.

More Flexibility

You decide! Flexibility of paying your SSA on an annual basis or including it in your purchase price and mortgaging the amount over the course of your loan. There are many benefits to the flexible options of the SSA. Our mortgage counselors are available to help you decide on what is the best choice.

What is an SSA?

A special service area is a new method that some municipalities use to fund the construction of roads, sidewalks, storm water systems and other infrastructure improvements within a newly developed neighborhood. The municipality issues bonds to pay for these improvements, and then passes along these costs as an annual assessment to pay off these bonds - a Special Service Area.

How is this different from communities that don't have an SSA?

In communities that have not financed the public improvements or infrastructure with special service area bonds, the cost of the public improvements would be included in the price of the home. In communities, such as Windett Ridge, where the special service area bond has financed the community infrastructure, the price of the home has been reduced to account for this SSA.

Who is responsible for paying the SSA?

The property owner of record is responsible for the payment of the SSA from the time they take possession of the home. The homeowner cannot be required to pay more than the maximum SSA that is disclosed at the time of purchase.

How much will my SSA be?

See your sales representative for the annual SSA schedule or the approximate pay-off amount.

For how many years is the SSA owed?

The SSA will be levied and collected from 2006 through 2032.

Who will bill and collect the SSA?

Kendall County has agreed to bill and collect this assessment. The SSA will appear on your semi-annual real estate tax bill as a separate line item. Taxes are typically due in June and September. Failure to pay this assessment by a homeowner will not impact any other homeowner.

Can I prepay my SSA?

Each homeowner can elect to prepay the SSA at the time of closing, or at anytime after. Once this has been paid, the lien is removed from the property forever.

Is the SSA tax deductible?

According to the Internal Revenue Service ruling 79-201, the interest portion of the SSA is deductible as real estate taxes on your tax return.

Will the SSA affect my resale value?

Over time the increase in the value and equity of your home will be similar to all homes in your neighborhood. Your sales price will reflect the market value adjusted for the additional special tax, just as the original purchase price was adjusted because of the SSA.

Wiseman-Hughes is proud to offer you the advantage of the SSA. We are obligated to disclose to each homeowner a rider to the initial sales contract, which will provide you with accurate assessment allocations to your property.