Quote:
Originally Posted by Dlbonivich
You can pay the bond off once a year in the payoff time. I think it is July. The poster needs a knowledgeable realtor to help ease his anxiety.
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Why is the annual payoff deadline late in July?
The payoff figure is good only through late July because the annual assessment roll must be certified to the Property Appraiser and the Tax Collector to remove the assessment from your tax bill. It would be too late to guarantee removal of the assessment from the tax bill you receive in early November if payment was made after the payoff deadline.
What happens if my bond is paid off after the cut-off date in July?
You will receive one more year of annual debt assessment on the November tax bill. However, if you pay off the bond between the July cutoff date and September 16th, the payoff amount will be reduced by the interest billed in the annual assessment. If you pay off the bond between September 17th and March 16th, the payoff amount will be reduced by half the interest billed in the annual assessment. From March 17th through the following July cutoff date, the payoff amount will be reduced slightly for the amount of principal included in the final annual payment to the Tax Collector.
Is there an advantage to paying off my bond during a certain time of the year?
If you pay off your bond between the July cutoff date and September 16th, the payoff amount will also be reduced by the interest billed in the annual assessment and if you pay off the bond between September 17th and March 16th, the payoff amount will also be reduced by half of the interest billed in the annual assessment.
When will I receive the Release of Imposition if I pay off my bond in full?
You should receive your copy of the recorded Release of Imposition approximately 4 – 6 weeks after paying off your bond. If the Release isn’t received by then, please feel free to call our office at (352) 751-3900. Upon receipt of your copy, it is advisable that you keep it with the deed to your property.