Among other things, the bond pays for the amenities such as the executive golf courses, guard shacks at the gates, and rec centers.
The Sumter "tax" bill actually has 5 components: county tax, school tax, SWFWMD (water management), fire department, and maintenance. Also on the "tax" bill is your bond payment (interest and principal) but I will exclude that from further discussion since many people choose to pay it off and will have a value of zero for their bond payment. The county tax went up about 25% (actually the millage rate increased by about 25%) and the county tax is about about half of the total "tax". The other 4 components didn't significantly change so for many people their "tax" bill went up about 13%.
If you still have a bond payment and computed the percentage change in your "tax" bill from the previous year then the percentage change would be less than 13% since the fixed bond payment is a pretty good percentage of the total "tax" bill.
Further complicating the computation of the percentage increase in the "tax" bill is the fact that some people had a change in the assessed value of their home so their county tax may have gone up by more than 25% (and the school tax would have also increased).
Quote:
Originally Posted by Double Eagle
A couple things here. I am doing my research as others in here have suggested I do before I purchase.
I thought the bond was to pay for the infrastructure here. Is it not?
Either the taxes in Sumter went up 25% or either they did not. I have read many stories/articles saying they did.
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