Quote:
Originally Posted by LuvtheVillages
A BIG advantage of the older homes around Spanish Springs is that their bond is either paid off or nearly so.
When you purchase a newly built home, it comes with a bond that you are obligated to pay, in annual installments added to your property tax bill. The bond amount is around $40,000 or so, and is additional to the price of the home.
With pre-owned homes, annual payments were being made. The older the home, the more payments that were made. Some homes may have even paid off the bond. So when you purchase an older home, your bond obligation is reduced or eliminated. In the historic section, there is no bond.
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The Spanish Springs area is in Lady Lake, Lake County. Bonds are prohibited by either county or municipal law. There have never been bonds on those homes.
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