Pine Ridge..Lake county
 

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.

And the taxes in Lake County are higher too...

Interesting post. Thanks. Does this change include bonds for the new cottages in the historic area?

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

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.

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.

It was a Village sales person

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?

Ohhh...good point.

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.

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.

Lake county taxes plus fruitland park taxes, plus the $25K bond......plus the yearly matainance charges of $590.....

.Lots to think about...

Sumter County Millage rate....12,2918

Lake County Millage rate 15,7924

no homestead

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 .

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

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.

....

checked comparison on county property taxes in villages
 

Sumter - $420
Lake - $277
Marion - $190

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

The Bond on our new house in Village of LaBelle is $19,700 and change. LaBelle is in Sumter county.

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®

What do these figures represent ?

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.

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.

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.

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.

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?

Numbers can tell you anything you want...
 

These numbers represent:

Per Capita County Government
Property Tax Levies

Don't know about the Historic Side, I believe there are several difference for those that live there.

There is no bond or maintenance fee for houses on the historic side.

All the bond values are listed on the VCDD website, including District 11, Pine Ridge

Make no sense. How can Sumter which has the lowest of all three in taxes have the highest per capita tax levy?

Phew! As I thought. Another good reason for living here! ;)

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?

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.