Property Taxes/Bond/CDD/Amenties...am I close here?
 

Trying to figure out the above...

Property Taxes (Ad Valorem Taxes) are based on sales price of home.

Bond is to recover the costs of the infrastructure (sewer, water, streets, electric, cable, etc.) in your section. Some older homes may have the bond paid off.

CDD Maintenance Assessment Fees (Non-Ad Valorem Assessments) is to pay for improvements for the golf courses, recreation center, pools, etc). Can be from $100 to $600 per month depending on where you live.

Amenities Fee is used to pay for the upkeep of recreational facilities. $145 per month.

Sort of:
Property taxes are based on assessed valuation and paid in arrears. So depending on time of year, if you buy a brand new home the assessment may only be for the land the first year. Also, if you plan on becoming a permanent resident there is a $50,000 homestead exemption on the assessment. Current tax rate for all ad valorem taxes is about $11.92 , at least in Sumter Co., Lake Deaton.
The bond amount depends on sale price, in a new home mine was about 6.25% of the purchase. It can be paid all at once, or amortized over 30 years at about 6% interest. Pre-owned homes may have paid down part or all of the bond. Some people hate "the bond", but in reality it is just a different way of paying for infrastructure. In a traditionally financed development, the same amount would have been added to the purchase price of the home.
Thee CDD assessment is non ad valorem but paid YEARLY on the tax bill---mine was $692.
The monthly amenity fee is around $145, it goes up a few cents each year

Research....research.... then a little more research.

Not too sure about that info. Ours is no where near $100.00 a month. Much less. :wave:

2016 Residential Impact Fees, Lake County

Effective January 11, 2016.
$10,602.00+


https://www.lakecountyfl.gov/departm..._schedule.aspx

:wave: Bond "not" based on price of home.

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. Amortization schedules for each unit are located on the Districts' website; Village Community Development Districts under the Finance Department link.'

VCDD Bond FAQs

Not exactly. The bond is fixed for a "unit" of homes and is not based on the sales price of your homes. Check your Villages ID for the unit - it is listed under "U/L" - U in your unit and L is your lot within the unit. All homes within the same unit have the same bond price. There is a CDD maintenance charge - around $700ish per year to maintain the infrastructure. The Amenities Fee increases are tied to the CPI.

:024: By all means ask and read on this site(TOTV) but do your own homework too. People try to be helpful but alot don't know the answers. Alot will give misinformation.

There are alot of good sites out there. Village Community Development Districts is one.

Sumter County Property Appraiser - Joey Hooten - Bushnell, Florida - 352-569-6800 is good also.

didn't know that, thank you
Wish they did income tax the same way:1rotfl::1rotfl::1rotfl:

All correct, what's the question?

I rest my case. I just looked up a house I knew was listed for 1.5 milllion.
It is assessed for just over 1 million. The BOND PAYMENT is $1220.00 a year. THE MAINT. IS $1120.00 a year. TAXES are over $12,000.00 TOTAL over $14,000

RickeyD - could you please show me home paying $7,200 a year in BOND MAINT. It may be out there, but I can't find it. Thanks. :wave:

I may have misunderstood. The bond payment is a function of the infrastructure cost divided by the number of lots. The price of a house does not directly determine what the bond payment is.

The quoted range of $100-$600 per month for CDD maintenance is clearly not correct. Your assertion that there is a lot of misinformation on ToTV is correct. The CDD maintenance fee varies by CDD and unit (a group of homes) within the CDD. A ballpark range is something like $200 to $1200 per year. It is easy enough to look up the actual number because the annual maintenance budgets are posted on-line with the exact value of the maintenance fee per unit for the upcoming fiscal year.

:agree:

Was trying to point out the fact it is important too not blindly trust all info. on any site. Always do your homework. The info. is out there if you look.

On sumterpa.com you can pull up every tax bill in Sumter Co. and see the tax, bond, and bond maint. :024: :wave:

Thanks so much for the link to the county tax records.

Compared to Chatham NJ, I'm living for free

I looked at that web site and I have no idea how to use it.

I found a resale house on the computer and it listed the address as 2916 Braddy Court, so I thought I would use the sumterpa web site to see exactly how much they pay in taxes and CDD maintenance. Can you help me?

On their website, it said this fee is paid when the building permit is issued. If we buy an existing new house, does that mean the fee has already been paid and it is included in the price of the house?

Go to sumterpa.com and click on Record Search, then Property Record Search. Enter the address (leave off the court part), then click on Run Search. It will bring up the record, then click on Retrieve Tax Record in the upper right corner, and it will display what you're looking for.

Hope that helps.

Tax $3374.08

Unit 176 Bond $1753.34

Maint. $777.00

2015 Taxes not paid

https://sumter.county-taxes.com/publ...5/bills/705323

Yes, however if you buy on the historical side one of the new homes that have replaced an old home you would pay a price that would be determined by the increase in amount square feet of the new home.

Upgrade from Mobile Home to Site-built Single Family Residence depends on square footage approximate cost $3,790.00.

See bottom of web page.

Property Taxes/Bond/CDD/Amenties...am I close here?
 

If this in fact is a new house you are purchasing through the Villages they will pass this impact fee unto you at closing. Go to any sales office and talk with someone.

Thank you very much! I followed your directions and found what I wanted.

Since the house sold for $278K in 2013, the taxes seem very reasonable, but a yearly bond payment of $1753 seems very high. Maybe they had arranged to pay it off in ten years.

That makes sense, but I hope they warn the buyers about this $11K fee before closing. Thanks for the warning.

No warning, just a line entry on the closing statement.

Doesn't the Lake county impact fee replace the bond in other counties?

No, I don't think so.

I think the Residential Impact Fee is this:

https://www.lakecountyfl.gov/departm...fee_facts.aspx


The Bond or Development District Assessment is this:

Residential Bond Assessment Information

Both are a one time payment. The impact fee is about $11K and the Bond is about 6% of the value of the house. At least that is how I understand it, as we sit here in our snow-bound house in Virginia.

Can't do that.

It's $21,000 at close to 6% for 30 years. You can pay it off in full at any time.

http://www.districtgov.org/departmen...Unit%20176.pdf

:024: All Lake Co. Bonds - Lake County Amortization Schedules

:22yikes: Sit down before looking at unit 31 :$:

http://www.districtgov.org/departmen...0Unit%2031.pdf

Bond amount has nothing to do with the value of the house.

Thanks for the info. I thought in an earlier discussion on here that there would not be bonds on The Villages in Lake County. I see now with what you provided that was wrong.
Lake county homes have the impact fee and a bond.

You are :welcome: Thanks for reading what I posted. I feel that is one of the biggest problems on this site - PEOPLE DON'T READ ALL THE POSTS BEFORE POSTING. Too busy "posting" to "read".

:22yikes: Some also feel the necessity to post on every subject.... even the ones they know nothing about. :shrug:

This is a little confusing.

Don't take this wrong....THANK YOU FOR PROVING MY POINT!

In post #5 - I gave the correct answer. I gave a link to Bond FAQs - one of which answered you question. :icon_bored:

I was wrong, at least in Sumter co. The bond cost is not tied to the price of the individual home. I believe the rest of my original post was pretty accurate

probably not:1rotfl::1rotfl::1rotfl:

Best bet is to go to the people /depts. that charge the fees for your house and ask them. A:024:lready misquotes in the responses here!