Quote:
Originally Posted by KeepingItReal
What happens if my bond is paid off after the cut-off date in July?
Why is the payoff deadline late in July?
The payoff figure is good only through late July because the annual assessment roll must be certified to 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.
You will receive one more year of annual debt assessment on the November tax bill. The amount of the payoff will be reduced slightly for the amount of principal included in the final annual payment to the Tax Collector.
REMEMBER THIS HAS CHANGED, after a battle won with VCDD this year you may only have to pay 1/2 year's interest and not a full year as before. You are not tied to the July date only anymore. There are now 2 CUTOFF DATES for paying your bond during the year. If you pay your bond before the first cutoff date in March you will save 1/2 year's interest on your bond.
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The change is fully explained on the District Government site;
Bond Interest Refund Procedures