The five-member Village Council unanimously voted last Thursday to levy another $20-million assessment on the rest of its home and business owners outside of north Plantation Key, which has had centralized wastewater treatment since 2006.
Homeowners can either prepay the entire $3,196 on Aug. 30 or begin paying annual installments for the next 25 years of $256 on their November tax bill. Those choosing the latter option will end up paying about $6,400.
The rates are the same for individual condominium units. Islamorada businesses are assessed based on how much water they use.
This will be the second $20 million assessment passed since July 2011. Homeowners billed annually would see their rates double to around $512 a year.
The assessments are needed to help pay for the projected $115-million system that was mandated by the state.
Islamorada is building a pipeline to Key Largos existing treatment facility, rather than building its own treatment plants. Construction, which began late last year, is expected to cost more than $91 million.