Financing and Repayment of Project Costs
Description of the
Timberlake WID (TWID)
All Campbell County, Virginia properties having shoreline on Timberlake, Buffalo Creek, Waterlick Creek, and Browns Creek that are located inside the perimeter created by Timberlake Drive, South Timberlake Drive, and Old Plantation Drive, inclusive of the Timberlake Dam and the emergency and primary spillways, are considered within the Timberlake Watershed Improvement District.
The history of the WID is here: https://www.timberlakewid.org/about
A description of the steps involved in the initial dredge project is found here: https://www.timberlakewid.org/projects
Frequently asked questions: https://www.timberlakewid.org/faq
Special Tax District
When the WID was certified, a Special Tax District was formed. Landowners in the WID are responsible for payment of the Timberlake WID Tax for the parcels that are within the WID boundaries.
The TWID tax is collected each year by Campbell County at the same time as the annual property tax. Landowners will receive a separate statement labeled Timberlake WID Real Estate Tax.
Campbell County will, in turn, disburse funds to the WID Trustees to make interest and principal payments on the loan. All disbursements and loan payments are made with the knowledge and approval of the directors of the WID oversight body, Robert E. Lee Soil and Water Conservation District (RELSWD).
Questions?
email: info@timberlakeWID.org
TWID Tax Rate for 2023
Timberlake WID Real Estate Tax is payable to Campbell County in two portions in 2023, one in July and one in December.
Special Procedure for WID Properties Sold During the Tax Year
For properties sold or otherwise transferred in ownership during a tax year, TWID Real Estate tax is handled in the same manner at closing as Campbell County Real Estate Tax.The Real Estate Settlement Statement between the Buyer and Seller of the property will list both the TWID tax and the County Real Estate tax. It is incumbent on the seller of any WID parcel to notify the purchaser of the TWID Tax either directly, or through their Real Estate Agent, Attorney, or Settlement Agency.
The tax due will be prorated to the seller through the date of settlement and calculated using the cost per diem. The seller is responsible to pay the purchaser their prorated share of the TWID tax.
Financing and Repayment
of Project 1 Costs
The initial TWID project is financed by contributions from the Timberlake Homeowners’ Association (THA), members of the Timberlake community, and a loan from the First Bank & Trust. The cost for the project includes: cost of site preparation, cost of dredging, administrative and operating costs, and an accrual for on-going maintenance dredging.
The loan is to be repaid over a 12-year period by a Timberlake WID Real Estate tax on parcels with property that touches the lake or one of the creeks that flow into the lake. Beginning in 2022, the TWID Real Estate tax is due in two installments, one in July and one in the first week of December 2023.
The 2023 tax rate for the initial TWID project is $.15 per $100 of the January 2022 assessed property value.
Financing and Repayment of Project Costs
Description of the
Timberlake WID (TWID)
All Campbell County, Virginia properties having shoreline on Timberlake, Buffalo Creek, Waterlick Creek, and Browns Creek that are located inside the perimeter created by Timberlake Drive, South Timberlake Drive, and Old Plantation Drive, inclusive of the Timberlake Dam and the emergency and primary spillways, are considered within the Timberlake Watershed Improvement District.
The history of the WID is here: https://www.timberlakewid.org/about
A description of the steps involved in the initial dredge project is found here: https://www.timberlakewid.org/projects
Frequently asked questions: https://www.timberlakewid.org/faq
Special Tax District
When the WID was certified, a Special Tax District was formed. Landowners in the WID are responsible for payment of the Timberlake WID Tax for the parcels that are within the WID boundaries.
The TWID tax is collected each year by Campbell County at the same time as the annual property tax. Landowners will receive a separate statement labeled Timberlake WID Real Estate Tax.
Campbell County will, in turn, disburse funds to the WID Trustees to make interest and principal payments on the loan. All disbursements and loan payments are made with the knowledge and approval of the directors of the WID oversight body, Robert E. Lee Soil and Water Conservation District (RELSWD).
Questions?
email: info@timberlakeWID.org
TWID Tax Rate for 2023
Timberlake WID Real Estate Tax is payable to Campbell County in two portions in 2023, one in July and one in December.
Special Procedure for WID Properties Sold During the Tax Year
For properties sold or otherwise transferred in ownership during a tax year, TWID Real Estate tax is handled in the same manner at closing as Campbell County Real Estate Tax.The Real Estate Settlement Statement between the Buyer and Seller of the property will list both the TWID tax and the County Real Estate tax. It is incumbent on the seller of any WID parcel to notify the purchaser of the TWID Tax either directly, or through their Real Estate Agent, Attorney, or Settlement Agency.
The tax due will be prorated to the seller through the date of settlement and calculated using the cost per diem. The seller is responsible to pay the purchaser their prorated share of the TWID tax.
Financing and Repayment
of Project 1 Costs
The initial TWID project is financed by contributions from the Timberlake Homeowners’ Association (THA), members of the Timberlake community, and a loan from the First Bank & Trust. The cost for the project includes: cost of site preparation, cost of dredging, administrative and operating costs, and an accrual for on-going maintenance dredging.
The loan is to be repaid over a 12-year period by a Timberlake WID Real Estate tax on parcels with property that touches the lake or one of the creeks that flow into the lake. Beginning in 2022, the TWID Real Estate tax is due in two installments, one in July and one in the first week of December 2023.
The 2023 tax rate for the initial TWID project is $.15 per $100 of the January 2022 assessed property value.