Quote:
Originally Posted by retiredguy123
Note that a bond is not an annual assessment. It is a lump sum loan that is amortized over 30 years and charged to the property owner as principal and interest. The property owner can also choose to pay off the loan to avoid paying the interest. If the owner chooses to pay off the loan, it must be paid off all at once.
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Whatever you want to call it, and Sumter County calls it a non-ad valorem assessment, it is paid every year until it is paid off.
In addition to principal and interest there is an admin fee. Paying it off early saves the interest plus the admin fee. Don’t pay it off early and you can pass the balance to the purchaser.
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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