Quote:
Originally Posted by golfing eagles
Sort of:
Property taxes are based on assessed valuation and paid in arrears. So depending on time of year, if you buy a brand new home the assessment may only be for the land the first year. Also, if you plan on becoming a permanent resident there is a $50,000 homestead exemption on the assessment. Current tax rate for all ad valorem taxes is about $11.92 , at least in Sumter Co., Lake Deaton.
The bond amount depends on sale price, in a new home mine was about 6.25% of the purchase. It can be paid all at once, or amortized over 30 years at about 6% interest. Pre-owned homes may have paid down part or all of the bond. Some people hate "the bond", but in reality it is just a different way of paying for infrastructure. In a traditionally financed development, the same amount would have been added to the purchase price of the home.
Thee CDD assessment is non ad valorem but paid YEARLY on the tax bill---mine was $692.
The monthly amenity fee is around $145, it goes up a few cents each year
|
Bond "not" based on price of home.
How does the District arrive at the amount? Does everyone pay the same amount?
'The Bond Debt Assessment was set at the time the bond used to build the infrastructure was issued. The formula for calculating each lot’s proportionate share starts with the total cost of the bond (including interest) issued to pay for the infrastructure. That cost is divided equally among each assessable acre in the “phase” of the District for which the bond was issued. That gives you a cost per acre. The cost per acre is then multiplied by the number of acres in the unit in which you live. That gives you the obligation for the unit as a whole. The unit total cost is then divided by the number of lots or parcels in the unit, and that computation gives you the amount of the assessment levied against each property. Therefore, each lot within a unit pays the same amount. Amortization schedules for each unit are located on the Districts' website;
Village Community Development Districts under the Finance Department link.'
VCDD Bond FAQs