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Originally Posted by Lynn222
Thank you for taking the time to answer my post. Many of my questions/concerns were answered. The place I am renting in August does have a golf cart I can use...YEA!
Do you know the tax rate in the county? The rate I would have to pay on house every year. Also, the bond....is that paid yearly, monthly? Would I receive a bill? Is there a required amount to pay yearly/monthly?
Thank you again.
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Good questions, Lynn. The Villages is located within the boundaries of three counties: Lake, Marion and Sumter. I think Lake County has the lowest tax rate and there are NO bonds on TV homes in Lake County. It is the oldest section of TV. I don't know whether the property taxes are lower in Sumter or Marion, but someone here will probably know and answer.
The bond is paid annually with your property tax. There is an option once a year, and once a year only, to pay it off in full. Oddly though, you can't pay it down other than the annual amount due. You either pay the annual amount due, or you pay it off during the allowable time period. You will receive annual notice of when you are allowed to pay it off. The interest on the bonds is 7 percent annually.
The method for calculating the bond is complex. I don't understand it well enough to explain it. In general, the bonds tend to be lower in Marion than in Sumter because the houses were built earlier, so more years of the bond have been paid off.
Most people just add the price of the bond to the price of the house. So if one house sold for $200,000 and had a $6,000 remaining bond and another house sold for $190,000 and had a $20,000 bond, the $200,000 home would be the less expensive of the two.
Hope this helps.