View Full Version : Pine Ridge..Lake county
kstew43
06-09-2015, 09:42 AM
I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?
graciegirl
06-09-2015, 10:54 AM
I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?
Because "they" wanted it to happen.
Kstew, Is the non village development where you live in Lake County?
I have heard this said many times; that Lake County initially was not very cooperative or hospitable to the people developing The Villages in the past and The Villages avoided going back "into" their territory for some time..
But now it appears to be in their "best interest" to have a bunch of nice old people like us live there. Whadyya think?
I love living in Sumter County. Glad there is no pee in Lake Sumter too.
cmj1210
06-09-2015, 10:55 AM
I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?
And the taxes in Lake County are higher too...
Villageswimmer
06-09-2015, 11:00 AM
I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?
Interesting post. Thanks. Does this change include bonds for the new cottages in the historic area?
Pmount
06-09-2015, 11:04 AM
We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes
graciegirl
06-09-2015, 11:05 AM
Interesting post. Thanks. Does this change include bonds for the new cottages in the historic area?
No.
Remember, Bonds are for infrastructure, water lines, electrical lines, golf courses, etc. etc. They are already there in the historical part.
Those new homes are very fairly priced for what the developer paid for the land. I like the fact that they are trying to keep the older areas up to par with the new ones.
graciegirl
06-09-2015, 11:18 AM
We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes
Was this an MLS realtor or a Villages sales person?
Remember, no outside realtors can sell new homes in The Villages. It is wise to have both and work with both. And compare information from both and then use your very wise intuition. That is the benefit of being older.
Pmount
06-09-2015, 11:24 AM
It was a Village sales person
Villageswimmer
06-09-2015, 11:44 AM
We had a strong interest in some of the cottage models in Pine Ridge, my realto said that you could plan on property taxes of 2.5% of purchase price for annual taxes. $5,000 on a $200,000 home?? I don't think so for us!! Too bad some good prices she said bond was $24499 on both homes we like and maintenance assume that was 578.09 per year this was on $186000 and $205000 homes
Not sure I understand what you mean about "maintenance assume that was 578.09 per year..." Could you please 'splain?
Also, isn't that bond high for a cottage? I thought 25k was about par for a designer?
Villageswimmer
06-09-2015, 11:46 AM
No.
Remember, Bonds are for infrastructure, water lines, electrical lines, golf courses, etc. etc. They are already there in the historical part.
Those new homes are very fairly priced for what the developer paid for the land. I like the fact that they are trying to keep the older areas up to par with the new ones.
Ohhh...good point.
Pmount
06-09-2015, 12:09 PM
I was told annual maintanance fee of the $550. Spell checker got me! I thought the bond and taxes were very high so have stopped looking. Good point about Silver Lakes, not sure I wanted to live there but if no bond it might help. Have not been interested enough to get all the cost on one of those.
Villageswimmer
06-09-2015, 12:16 PM
I was told annual maintanance fee of the $550. Spell checker got me! I thought the bond and taxes were very high so have stopped looking. Good point about Silver Lakes, not sure I wanted to live there but if no bond it might help. Have not been interested enough to get all the cost on one of those.
I think you're very wise to consider all related costs before jumping in. It's not just the bond principal...be sure to ask for the Amortization schedule so you can see how much you'll pay for interest and admin fees over the years if you don't pay it off. It's quite an eye opener. Interest rates have gone down somewhat, but ours was 6.125. Pretty hefty.
kstew43
06-09-2015, 01:35 PM
I do own a home in Leesburg,55+ community, established right about the same time as TV. we have no bond being in Lake county and our millage tax rate is I think slightly higher than our home in Sumter.
But we do not have a bond attached, and If I look at my Sumter county home(bond paid at closing) vs the Lake county home, it doesn't add up to the difference of financing a bond.
$25,000 x 30 years at 7 percent adds an additional $19000 interest financed over the 30 years.
out of your pocket..
I know you will say, I will never live that long......but that house will forever have a bond payment, 30 years anyway, whether you pay it or not. Somebody will.
Funny how everyone thought the bond was to be placed into the home price in Lake.....But financialy, the developer will make lots more money adding a bond rather than raising the price of the home.
kstew43
06-09-2015, 01:37 PM
I think you're very wise to consider all related costs before jumping in. It's not just the bond principal...be sure to ask for the Amortization schedule so you can see how much you'll pay for interest and admin fees over the years if you don't pay it off. It's quite an eye opener. Interest rates have gone down somewhat, but ours was 6.125. Pretty hefty.
Lake county taxes plus fruitland park taxes, plus the $25K bond......plus the yearly matainance charges of $590.....
.Lots to think about...
kstew43
06-09-2015, 01:43 PM
Sumter County Millage rate....12,2918
Lake County Millage rate 15,7924
no homestead
Villageswimmer
06-09-2015, 02:17 PM
I do own a home in Leesburg,55+ community, established right about the same time as TV. we have no bond being in Lake county and our millage tax rate is I think slightly higher than our home in Sumter.
But we do not have a bond attached, and If I look at my Sumter county home(bond paid at closing) vs the Lake county home, it doesn't add up to the difference of financing a bond.
$25,000 x 30 years at 7 percent adds an additional $19000 interest financed over the 30 years.
out of your pocket..
I know you will say, I will never live that long......but that house will forever have a bond payment, 30 years anyway, whether you pay it or not. Somebody will.
Funny how everyone thought the bond was to be placed into the home price in Lake.....But financialy, the developer will make lots more money adding a bond rather than raising the price of the home.
Agree, but your math may be a bit off. The interest actually is higher than the principal in our case. I just looked at my amortization schedule for a villa we have.
The bond principal = 11,929
Interest over 30y = 14,047
Admin costs. =. 1,658
Total. = 27,635
The interest rate = 6.125
Also, not deductible on federal taxes.
Amortization tables are available at districtgov.org .
kcrazorbackfan
06-09-2015, 02:23 PM
I was just informed by my village realtor that they did attach a Bond to the new lake county homes. $25k to the new cottage builds..... How did that happen?
It's called the golden rule - those with the gold make the rules. One of these days I hope to have enough gold to make the rules (at our home). :p
Villageswimmer
06-09-2015, 02:49 PM
Agree, but your math may be a bit off. The interest actually is higher than the principal in our case. I just looked at my amortization schedule for a villa we have.
The bond principal = 11,929
Interest over 30y = 14,047
Admin costs. =. 1,658
Total. = 27,635
The interest rate = 6.125
Also, not deductible on federal taxes.
Amortization tables are available at districtgov.org .
This piqued my curiosity since the above villa is on the low end of the spectrum. So, just for kicks, I went in and checked some numbers for a premier home with a bond of 50,485...
Interest = 59,448
Admin fees = 7,016
Total cost of bond = 116,949 ( over 30 y)
Interest rate 6.125
So, kstew, you're right--bonds are VERY lucrative.
Villageswimmer
06-09-2015, 04:31 PM
....
jebartle
06-09-2015, 04:51 PM
Sumter - $420
Lake - $277
Marion - $190
And the taxes in Lake County are higher too...
JoMar
06-09-2015, 05:23 PM
Not sure I understand what you mean about "maintenance assume that was 578.09 per year..." Could you please 'splain?
Also, isn't that bond high for a cottage? I thought 25k was about par for a designer?
We all pay an annual maintenance fee.
Jimbo120
06-09-2015, 07:28 PM
The bonds for the newer areas all seem to be around 25K, For the person who asked about the maintenance... if you look at a tax bill you have property taxes, and a separate charge(s) for fire protection and maintenance. Maintenance varies by district who each contract out for all the foliage and grass cutters you see buzzing about. You can see the average bond by each area within each district on the CDD site under bond information and then go to bond amortization. The villas are names and the homes are by lot number which can be found on your village ID. Mine for example is S124 for Largo area and the new places down by Brownwood are up to the low 200's
justjim
06-09-2015, 08:20 PM
The Bond on our new house in Village of LaBelle is $19,700 and change. LaBelle is in Sumter county.
sunnyatlast
06-09-2015, 11:04 PM
I remember reading Lake County doesn't allow bonds. That is one matter.
The other matter is why people get all bent out of shape about the separate bond, when:
If you bought a developed lot to build on, which has streets, curb, gutter, sewer, street lighting, gas lines, cable lines/access, electrical lines, etc…….those costs would be in the price of the LOT.
If you buy a piece of pasture with a dirt footpath into it and nothing more, you're going to have to pay to develop it, probably for a cost of $25,000 on top of the cost of the land. I don't know why the separate bond here is such a big deal to some. If you don't want to pay interest over the 30 years amortization schedule, you can pay it off.
Linked below is a lot for sale. In Lake County. Lot size is 0.35 acres, for $199,900. Don't you think the lot buyer is paying for a "bond"?
And it has a HOA fee of $695, which we do not have because it's not an HOA situation here.
16751 Bolsena Dr, Montverde, FL 34756 - Home For Sale and Real Estate Listing - realtor.com� (http://www.realtor.com/realestateandhomes-detail/16751-Bolsena-Dr_Montverde_FL_34756_M61966-18375?row=17)
RickeyD
06-10-2015, 05:47 AM
Sumter - $420
Lake - $277
Marion - $190
What do these figures represent ?
RickeyD
06-10-2015, 05:50 AM
Bottom line on Pine Ridge, the bond does exist and it is high, the taxes are 45% higher then Sumter. Not smart to live here on a fixed income. But wait I forgot, Village residents are rich so Lake County will continue to milk the cow.
RickeyD
06-10-2015, 05:54 AM
The Bond on our new house in Village of LaBelle is $19,700 and change. LaBelle is in Sumter county.
I have a feeling from this point onward a lot of people will assume that if you're south of 466A and West of Morse they will think you're in Lake County.
vette
06-10-2015, 06:13 AM
Also, isn't that bond high for a cottage? I thought 25k was about par for a designer?
The bond is based on the lot size and number of homes, not the level of home. If I remember correctly, with the exception of villas (where the bond is always less) bonds for cottage, designers and premiere homes are the same given they are on a same sized lot.
However I agree 25k is still higher than most recent bond issues. I believe the newer homes built along pinella's were around 21k. Down by Hillsboro I think around 23k and the new home in LaBelle they were only 19k.
graciegirl
06-10-2015, 06:23 AM
The bond is based on the lot size and number of homes, not the level of home. If I remember correctly, with the exception of villas (where the bond is always less) bonds for cottage, designers and premiere homes are the same given they are on a same sized lot.
However I agree 25k is still higher than most recent bond issues. I believe the newer homes built along pinella's were around 21k. Down by Hillsboro I think around 23k and the new home in LaBelle they were only 19k.
The last time I was certain of Bond prices on new homes was about three years ago when we bought ours, they were about 23K for a designer, and about 50K for a premier model. Ranches and patio villas were less.
kstew43
06-10-2015, 07:16 AM
Sumter - $420
Lake - $277
Marion - $190
if the millages rate is higher in lake the tax must also be higher. You have to find 3 identical homes that are valued by the countys at the exact rate. a home worth 200 might only be taxed at 135.
so you would have to find 3 identical assessed values.
njbchbum
06-10-2015, 11:08 AM
We all pay an annual maintenance fee.
The bonds for the newer areas all seem to be around 25K, For the person who asked about the maintenance... if you look at a tax bill you have property taxes, and a separate charge(s) for fire protection and maintenance. Maintenance varies by district who each contract out for all the foliage and grass cutters you see buzzing about. You can see the average bond by each area within each district on the CDD site under bond information and then go to bond amortization. The villas are names and the homes are by lot number which can be found on your village ID. Mine for example is S124 for Largo area and the new places down by Brownwood are up to the low 200's
We live on the historic side and I can't find a charge for 'maintenance' on my tax bill. Nor is there such a charge on my amenities billing. Might it be charged to us somewhere else - or not at all?
jebartle
06-10-2015, 12:37 PM
These numbers represent:
Per Capita County Government
Property Tax Levies
What do these figures represent ?
JoMar
06-10-2015, 12:52 PM
We live on the historic side and I can't find a charge for 'maintenance' on my tax bill. Nor is there such a charge on my amenities billing. Might it be charged to us somewhere else - or not at all?
Don't know about the Historic Side, I believe there are several difference for those that live there.
janmcn
06-10-2015, 01:28 PM
We live on the historic side and I can't find a charge for 'maintenance' on my tax bill. Nor is there such a charge on my amenities billing. Might it be charged to us somewhere else - or not at all?
There is no bond or maintenance fee for houses on the historic side.
Sashss
06-10-2015, 08:14 PM
All the bond values are listed on the VCDD website, including District 11, Pine Ridge
RickeyD
06-10-2015, 08:31 PM
These numbers represent:
Per Capita County Government
Property Tax Levies
Make no sense. How can Sumter which has the lowest of all three in taxes have the highest per capita tax levy?
njbchbum
06-10-2015, 09:07 PM
There is no bond or maintenance fee for houses on the historic side.
Phew! As I thought. Another good reason for living here! ;)
JBarracks
06-11-2015, 07:18 AM
Will there be a 'Jot 'em Down' Store in Pine Ridge?
graciegirl
06-11-2015, 08:46 AM
Will there be a 'Jot 'em Down' Store in Pine Ridge?
My uncle owned a family neighborhood grocery store where people came in and he carried them financially. HOWEVER, I would recall sometimes after church him talking to them privately but intently. My cousin told me just this year he was reminding them they were in arrears.
I think that is what you mean by a "Jot 'em Down" store?
liliana42
06-20-2015, 05:31 AM
Interest and maintenance on the bond ARE deductible as long as the taxpayer can show what's what. The maintenance is on your tax bill and the interest is on the amortization schedule.
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