Quote:
Originally Posted by Pturner
Hi Charlton Dude,
Welcome to TOTV!
To answer your easier question first: yes, SF homeowners own the land, although some have a mortgage. The annual bond (explained below) is a lien on the land until paid off. However, should you sell your property in TV, the bond (or lien) transfers to the new owner.
The fee structure can be confusing at first. I'll try to summarize and no doubt, someone will jump in to amplify, clarify or correct as needed.
First, there is a monthly amenity fee and an annual assessment.
The Monthly Amenity Fee
It is currently $142 a month (approx) and can rise annually by no more than COLA.
It pays for services provided by the two "super districts": Village Center Community Development District and Lake Sumter Landing Community Development District.
These services include community watch; fire and EMS; regional recreation centers and services; water, wastewater and stormwater management; and executive golf.
The Annual Assessment
Your Community Development District (CDD) Assessment is an annual non-valorem assessment included on your annual property tax bill to fund the CDD's expenses.
The assessment has two components. One is for operations and maintenance (O&M). This part fluctuates up or down annually depending on your CDD's annual budget. The CDD's provide community gate houses, neighborhood landscaping, neighborhood rec. centers, etc.
The second part is to repay any bonds sold by your CDD for capital improvements. This part is fixed for the 30-year term of the bond-- although once a year, the homeowner is given an option to pay it off in full.
Each CDD is governed by a five-person Board of Supervisors elected by the property owners.
Here's a link to more information: http://www.districtgov.org/faq.aspx. You might have to copy and paste the link into your browser.
Does this help?
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Thank you.
So let me see if I understand this properly.
It sounds like it could make better economic sense to buy a resale, as opposed to new to reduce the amount owed on a bond. Correct?
I need to be very careful which house I put an offer on, as the true amount owed on a bond or CDD can vary greatly, depending on if the owner owes the amount or decided to pay it off. Correct? I wonder how can I discover those numbers prior to actually making an offer.
We will not have a mortgage. We will be paying cah. How does this affect any payments due?