ccd bond for Village of Hadley

[bobolink46]

We are looking at a designer house in the village of Hadley. I have heard that the bond for new houses is $20,000. Does anyone know if this is true. this adds about $2000.00 per year onto the taxes. Yipes!!!!!! At 7% interest, this is a heck of alot of money. All comments and help are appreciated. thanks

[l2ridehd]

That sounds about right. I actually thought they were 22k. That is why resale is such a much better value.

[JohnN]

yes, it is

[TallerTrees]

Think of the $20K as the true cost of the home. Most communities in the US do not use the bond structure. It's simply built in. The bond in a sense for some may make it easier to get into the home earlier than they would have been able to afford it.

Used home isn't always better value. We prefer new and don't intend to keep moving once we retire. We get attached to our home so once we decide on one, we'll make it our own and enjoy the rest of our retirement years in it.

Go for it ;)

[uggydos]

take out a equity line and pay it off . the rates now are low and if need be refinance the mortgage at a later date.

[Russ_Boston]

Bobo - could you provide the calculation on how adding 20K to the price of a house means 2K more per year in taxes? From another thread the milage rate in Sumter is 13.58 X 20 = $271 per year in additional taxes. Isn't this correct? Is the bond treated differently?

If you meant a mortgage + taxes then at 7% for 25 years the yearly number is around 2K. I assume that is what you were getting at.

Thanks