Bond Payoff Procedure

[poromo]

I'm closing on a house in Gilchrist tomorrow. We will not be paying off the bond at closing, however, we may pay it off at a future date. Does anyone know the bond payoff procedures and whether there is any advantage to paying off the bond at a certain time of the year?

[Heartnsoul]

don't know if time of year matters but make SURE you plan on staying in home, you are NOT ever planning on moving or it won't be worth it. Good Luck!!

[stuckinparadise]

We plan to payoff our bond as soon as we move in to our house the end of June.
Here is some information I got off the website: Village Community Development Districts (http://www.districtgov.org).

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.

When will I receive the Release of Imposition if I pay off my bond in full?

You should receive your copy of the recorded Release of Imposition approximately 4-6 weeks after paying off your bond. If the Release isn’t received by then, please feel free to call our office at (352) 751-3900. Upon receipt of your copy, it is advisable that you keep it with the deed to your property.

What happens if my bond is paid off after the cut-off date in July?

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: Even if you pay your bond assessment, there will continue to be an annual maintenance assessment that pays for the ongoing costs of maintaining the infrastructure.

[KeepingItReal]

I'm closing on a house in Gilchrist tomorrow. We will not be paying off the bond at closing, however, we may pay it off at a future date. Does anyone know the bond payoff procedures and whether there is any advantage to paying off the bond at a certain time of the year?

The attached links should explain recent changes. Previously you could only pay the bond before one date during the year but now there are two dates which will save one half year's interest for you if you miss the first date. In your case if you pay it before the July deadline you should not see any additional bond costs but if you decide to wait and miss this deadline you will be accessed another bond, principal, interest, and administrative fee on your tax bill this fall for the next year since you pay the bond assessments forward while taxes are paid for the current year. If you make the bond payment this fall and then pay the bond in full before the March 16th deadline you should be refunded one half of the year's interest you had to pay. Be sure to verify you are not overcharged on the county taxes as we were which also had to be refunded. If your search TOTV for Bonds there are numerous other threads about this subject. It would be interesting to know if they prorate this last years bond assessment on a daily basis or charge you the entire years bond, fee, and interest. Pro rating was not an issue due to the date on our closing 8 days into the new year's assessment but I do wonder how that is handled in a case like this? If it is a new home this year will likely be the first bond assessment.

Village Community Development Districts

http://www.districtgov.org/departments/finance/bond_info.aspx

http://www.districtgov.org/PDFView/PDFMeeting.aspx?id=20121129000801

http://www.districtgov.org/departments/finance/refund.aspx