The BOD’s continued failure to secure a permanent method of revenue is going to have a financially negative impact on Treasure Lake. They continue to walk the path of least resistance and follow the leader instead of revamping the revenue methods into the 21st century.
The flat lot fee structure was used because the properties were undeveloped. However, today there are many more dwellings than existed at inception. The flat fee method of revenue collection is destructive to home values and unfair. The BOD’s mindless relentless pursuit of revenues has destroyed the value of the undeveloped lot owners. The multiple lot resident property owners have sustained a loss of value due to the BOD’s incompetence. Their adjacent lot is no longer salable, as it has no value due to the ridiculous flat lot fee structure. This method has placed the burden of supporting the Lake upon the owners of the lower market value homes. How fair is it when the owner of a home valued at $89,000 pays the same lot fee as the owner of a home valued at $500,000? The flat fee method will continue to destroy the value of the lower value homes and then attack the upper value properties. At what point does the lower value owner make the calculation it is no longer affordable to maintain the property and completely abandon it?
This has already happened to the undeveloped lots as the lot fee has exceeded the property taxes by 4-1/2 times. The next victim will be the lower market value properties. In order to stop this madness the current system must be abandoned immediately. The revenue derivation must be changed to a progressive fair market value instead of the current unfair flat method.
— John J Gamba, Treasure Lake