bond maintenance fee

[need2no]

have seen several realestate listings whereas the property discription states "bond paid off", yet under the the fee section it will list a bond maintance fee, ie. 540.00. which is very confusing on several levels.

first, this fee is only listed on some of the properties, so i am guessing it might be a county terminology or is it uniform at TV?

if your bond is paid, why is there a additional fee that is not assests uniformly throughout the county?

have asked several tv residence about this who live in the nancy lopez area and they never heard of this nor knew what i was talking about.

on the surface it appears your paying for the same thing twice above and beyond your property taxes. cant find anything showing where this fee is applied or omitted

[OldManTime]

All homes sold by the Developer in Sumter and Marion Countys required a bond to be paid by the buyer, could be one lump payment or spread out. Once paid on that home, never again. It also could be as of a certain date, that i am not sure. All homes in Lake county are not affected.

[gomoho]

Even if the bond is paid off on a home you have an annual maintanance fee of approx $500 to maintain the grounds. The original bond was for the infrastructure and once it is paid it is paid. The maintanance is an annual fee that goes on forever and a day.

[Bogie Shooter]

have seen several realestate listings whereas the property discription states "bond paid off", yet under the the fee section it will list a bond maintance fee, ie. 540.00. which is very confusing on several levels.

first, this fee is only listed on some of the properties, so i am guessing it might be a county terminology or is it uniform at TV?

if your bond is paid, why is there a additional fee that is not assests uniformly throughout the county?

have asked several tv residence about this who live in the nancy lopez area and they never heard of this nor knew what i was talking about.

on the surface it appears your paying for the same thing twice above and beyond your property taxes. cant find anything showing where this fee is applied or omitted

Information on bonds can be found at Village Community Development Districts (http://www.districtgov.org)
What is the Bond Debt Assessment for?

The bond debt assessment reflects each lot’s proportionate share of the cost of building the infrastructure within its District or for which its District has responsibility. It is the most equitable method of distributing costs between the properties that benefit from the infrastructure. Infrastructure includes storm water systems, underground pump stations, water retention areas, curbs, gutters, streetlights, transportation trails, underground piping, etc.

How does the District arrive at the amount? Does everyone pay the same amount?

The Bond Debt Assessment was set at the time the bond used to build the infrastructure was issued. The formula for calculating each lot’s proportionate share starts with the total cost of the bond (including interest) issued to pay for the infrastructure. That cost is divided equally among each assessable acre in the “phase” of the District for which the bond was issued. That gives you a cost per acre. The cost per acre is then multiplied by the number of acres in the unit in which you live. That gives you the obligation for the unit as a whole. The unit total cost is then divided by the number of lots or parcels in the unit, and that computation gives you the amount of the assessment levied against each property. Therefore, each lot within a unit pays the same amount.


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

[Bogie Shooter]

Even if the bond is paid off on a home you have an annual maintanance fee of approx $500 to maintain the grounds. The original bond was for the infrastructure and once it is paid it is paid. The maintanance is an annual fee that goes on forever and a day.

Maintenance fee is not the same for all homes.

[Phanatic Luvr]

Maintenance fee is not the same for all homes.

The maintenance fee gomoho is speaking of, which all homeowners pay is NOT for the upkeep of individual homes, it's for the upkeep and beautification of common property. The beautiful flowers, upkeep of facilities, etc...

[Bogie Shooter]

The maintenance fee gomoho is speaking of is NOT on individual homes, it's on common property. The beautiful flowers, upkeep of facilities, etc...

............and it is not the same amount for all homes.

[gomoho]

............and it is not the same amount for all homes.

and I said approximately...

[need2no]

is the bond maintanance fee tax deductable? (like the bond is)

[cmfjr]

Neither are!

[Bogie Shooter]

is the bond maintanance fee tax deductable? (like the bond is)

Better file an amended return.......................