1. What is a Neighborhood Enterprise Zone (NEZ)?
The Neighborhood Enterprise Zone Act provides property tax exemptions for the development of residential housing located within Terrace Point Landing. The land value will be taxed at normal property tax assessments. The new construction of your home will be taxed at a rate of 50% of the State average. The NEZ for Terrace Point Landing expires on December 31, 2025 and phases out the final three years in 5/8, 3/4, and 7/8 increments.
2. What are the rules for construction?
We have 9 home plans available for you to start with. Interior layouts may be customized as needed and you will choose your interior finishes. Construction will start as soon as you prefer, but must be completed within 2 years of closing on the lot of your choice.
3. Which floor plans offer main floor living?
The Midship, Keel, Starboard, Spinnaker and Wheelhouse all offer main floor living.
4. Are there property tax incentives?
Yes, we are located in a Neighborhood Enterprise Zone which gives you an initial 50% property tax break on the value of the home (property not included and must be primary residence) and continues until 2022 when a graduated scale is in place for the last 3 years through 2025.
5. How much are the association fees and what do they cover?
The association fees are currently $128 per month and cover the maintenance of the sidewalk, mowing, common area maintenance, pool and pool equipment and snow removal.
6. Can I rent/lease my house?
Yes, the minimum term duration is 30 days and can be leased on a weekly basis for a maximum of 4 weeks cumulatively during any 12 month period.
7. Are pets allowed?
Yes, up to 3 common indoor pets and no more than 2 dogs (some restrictions on species, see bylaws)
8. Can I buy more than 1 lot?
Yes, but you will have to pay the monthly association fee for each lot owned
9. Can I use my own builder?
No, Grey Birch Builders (a division of David C. Bos Homes) is the designated builder for this development.
10. Can I have my own dock?
Yes, on water front lots.
11. Is there a dock for association use?
Yes there will be a dock in front of the community pool that will be 60 feet long and include a swimming platform. You could load/unload passengers there but will not be allowed to dock there.
12. Can I use the Shoreline Inn facilities?
As a Terrace Point Landing homeowner you will have the option to purchase a membership at the Shoreline Inn which will give you access to the indoor pool, 2 indoor Jacuzzi’s and the indoor fitness room. The cost is $480 annually and includes 3 passes.