[villages8house]

To respond to questions regarding the Bond that is attached to a home in The Villages. Mine is a patio villa.

The original bond amount when my house was new in 2004 was $5,233.01. The current balance after my 2007 property tax bill was paid is $4,888.93.

If I continue to not pay it off in full, this bond is to be paid in annual payments over 30 years at a fixed interest rate of 6.5%. Unlike the county's property taxes, these are pre-payments starting on Oct. 1st each year and paying through Sept. 30th of the next year. I understand there is no penalty to payoff the Bond if you choose to do so.

I am billed for this bond as a line item on my annual Sumter County property tax bill.

The Ad Valorem Property Taxes (billed Jan-Dec 2007 in arrears) for Sumter County are listed separately on the bill that I received in Nov. 2007.

My total Ad Valorem Taxes for Sumter County = $1,044.73 (for 1/1/07-12/31/07)

Then the Non-Ad Valorem Assessments for THE VILLAGES (for 10/1/07 - 9/30/08) are listed as follows:
Villa Special Assessment-Maintenance $285.59
Villa Special Assessment-BOND $424.82
Villages Fire District $61.00

Total Combined Taxes and Assessments = $1,816.14 due before 4-1-08.
I took the discount for paying early.

The breakdown on the BOND payment of $424.82 is as follows:
$ 77.95 Principal applied to the Bond Balance
$320.25 Interest @ 6.5% over 30 yrs.
$ 26.62 Admin. Fee for the Bank that holds the Bond
Total $424.82

As you can see, like any loan, the principal is very small and the interest is very large and they do charge an Admin. fee every year. Judge for yourself if it would be beneficial for you to pay off the BOND or continue paying each year.

You have to pay the Annual Villages Special Assessment Maintenance regardless of whether or not the Bond is paid.

You have to pay the Villages Fire District annually regardless of whether or not the Bond is paid.

The MONTHLY AMENITY FEE you have to pay to your CDD District (mine is $132.34/mo) has nothing to do with the above items billed on your tax bill. The monthly amenity fee usually increases annually on the anniversary month of when your home was purchased NEW (mine was Oct. 2004) The increase in the monthly amenity is tied to the Consumer Price Index. My monthly amount has increased yearly as follows: $125.00, then $129.75, then $132.34 to give you an idea of the increases.

I know this is detailed but hopefully it helps people to understand the Bond and other costs associated with owning a Village home.

Anyone - feel free to correct me if any of my information is incorrect.

Villages8house