Quote:
Originally Posted by Normal
The taxes are high in either county thanks to Wildwood (Sumter County)and Leesburg (Lake County). Although Wildwood is slightly less in cost, it it’s almost negligible. What should be of concern for sure though there are the crazy high bond prices assessed to buyers because the developer avoids major impact fees so they can build, build, build.
Here is a map of the newest areas where lots are available. The vertical straight line is the demarcation between both Sumter and Lake counties. It’s a team effort by both the cities and there respective counties to milk as much as they can in taxes.
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The bond doesn't replace impact fees. The bond covers the cost of new infrastructure within the development, not the cost of the impact to existing infrastructure around the development.
If there was not a bond then the cost of building the new infrastructure would be added to the price of the homes.
The separate bond is something of a double-edged sword:
- The separate bond lowers the price of the home and the amount of any loan for purchase - advantage homeowner
- The interest on the separate bond is not tax deductible - disadvantage homeowner though not significant for many of us who cannot itemize anyway
- Lowering the advertised price of the home allows the Developer to include more profit in the price - advantage Developer (A home that would not sell for $450K might be attractive at $400K with a $75K bond and nets an extra $25K in profit)
- Keeping the cost out of the price of the home means more can be spent on better infrastructure without fear of losing sales - advantage homeowner
- Less concern about the cost of infrastructure can lead to higher cost, lower quality work - disadvantage homeowner