Current Bond $
 

Has anyone bought a new designer in the St. Charles area lately? I'm looking at a Lily or Iris model (or anything around 1900-2000 sq ft). How much was the bond? I'm trying to do some math!

Thanks, Russ

Russ,

Designer in Bonita. $20.000 +

Where can we find out what the bond is on any home, new or resale. I would like to know the original amount and the amount currently owed. I can find out the purchase price, the exemptions, the taxes etc on the sumter assessor website but not the bond amount.
http://www.sumterpa.com/GIS/Search_F.asp
Where can we find it without calling a realtor? Where do they get it from?
Isn't it a public record? Thanks in advance for your help.

Russ --We were down looking at designers in St Charles the first week of December. Salemen said 20,000 for designers here .

hope to finally buy something on next visit in May --we are interested in Gardiia or Lantana

Good luck

:beer3:

Bond Reply
 

:wave:Russ -
I bought a new Jasmine with attached golf car garage last October in St. Charles. The bond was 20K.

Bond
 

Speaking of the Bond. It's tax time. Is the bond deductable on Fed. Income Tax. ?? I also bought a Jasmine in Bonita 21,000.00 Bond.

If you do your own taxes you can deduct it. But if a professional completes them hey will tell you they are not deductible.

Does that mean as far as the IRS is concerned bond payments are not deductible?

So what you are saying is "What they don't know won't hurt you":)

Approx 20K is what I expected. Good to know. Thanks for the replies.

That was my thought too. My concern would be if/when "they" know about it!

I'm trying to remember the term that's used to describe this. But it escapes me at the moment.

Only "ad valorem" taxes are deductible. This does not include the bond.:shrug:

So you think it's ok to break the law if you do your own taxes? That's funny.

If you get caught by the IRS (unlikely), you just give them the ole Treasury Secretary Tim Geithner defense: TurboTax made me do it.

Has anybody noticed that you can deduct a portion of your property taxes even if you don't itemize your deductions. The same is true for any sales tax you paid on vehicles. Sometimes it pays to actually go through the TurboTax interview process in order to keep up with tax law changes.

After you have looked up the address in the Sumter County Property Appraiser page you will then need to go to the upper right side of the page and click on retrieve tax record. This will bring up the tax record on the property. If you look under Non-Ad Valorem Assessments you will see a number of assessments One may be for fire, another for maintenance and then another one that I believe is the yearly bond assessment. If you take this number and multiply it by 30 you will get what the total bond on the property is including interest.

This number is what the owner is currently paying. You can then look at the tax history and see the payment history as to how many years the owner has been paying deduct that from the total to get a balance. Also you can use the year the home was built for the number of years the owner has been paying.

I know that does not give you the bond on new homes but let me do some searching and see if I can come up with something.

JimJoe - excellent question.

Hawkwind - Thanks for that thorough explanation. Much appreciated!

Okay let's try this for determining the bond on a home. First of all look at my other post to determine the yearly bond payment. Now take number and divide by 12 to get what the monthly payment would be as you will need this for a reverse loan amortization calculation below.

Go to this site, http://www.sharewareisland.com/mortgagecalculator.aspx (if the link does not work cut and paste it into your browser) and first click on the reverse button under the all clear. You will now have to enter the necessary information. You know the payments are for 30 years, you know the payment (from the number you arrived at above) and the one number that is iffy is the interest. At present I believe the interest is at 7%.

Okay here is an example. Over in Pennecamp there are some beautiful premier homes on Lake Ridge Dr that I was told the bond is about $48,000. Looking at the records for that street I see that the bond payment is $3,914.12 per year or $326.18 per month. The total over 30 is $117,423.60. Now entering that information into the reverse loan amortization calculator I come up with a bond of $49,027.32. About a grand off from the rough number now being kicked around for premier homes in that area.

A word of caution and this may not work in all cases. If you are trying to do the same calculation on say a home north of 466 you will have to know the interest rate and term of the bond. I understand these have changed over the years.

I think it's currently referred to as a "Geithner"

Hawkwind: I appreciate your efforts but isnt your method merely an estimate? As I understand it you can pay off the bond when you buy a home or you have that chance one time per year. If you call a realtor then can give you the exact amount due if you buy the house. Where does that number come from? I am thinking there is a website that has it or it requires a call to the assessor or tax collector. I am quite certain it is public knowledge since it would be a lien on the property. Any ideas where I can get it without asking a realtor? Thanks again for all the help.

I used to use TurboTax but I switched to Tax Cut - Now H&R Block At Home a few years ago. It is cheaper and does the same as TurboTax - along with the free e-file.

I do not believe that this is your bond assessment. This is the annual charge to you for your annual maintenance of your CDD area. It can change annually depending on your CDD needs for your CDD maintenance.

I just checked my taxes and the maintenance is the annual CDD maintenance charge.

The line called Bond Assmt is the interest on your bond.

I used to use tax cut, switched to turbo tax several years ago, I just felt turbo tax was much more user friendly, to each his own...gn

Agree on the to each his own. :pepper2:

turbo tax discount
 

check your bank's website - at least 2 that I know of are giving a significant discount this year - first time I've seen that. Someone mentioned to me last night that their bank - National City Bank - which was bought a few months ago by PNC - was giving a discount.

So - I checked my bank - USAA Federal Savings Bank - and found the same discount - 25%, and you can also import directly all you bank info when you download it. I haven't done it yet - says it will be available by Feb. 1st. Plus, seems like the non-discounted price is quite a bit cheaper than last year - maybe more competition?

Does anyone know if Citizens is offering the same thing?

Not sure why I would want to download my bank info into a tax program. All you need are the numbers from the 1099s.

You can download most bank's data into Quicken - but again why?

Yes it is an estimate but the closet thing other than calling a sales rep. The bond is a fixed number and determined when the infrastructure is completed. That number is in the hands of the developer / TV Property Management and has yet to be found on any web site so this is about as close as you can get without making a call.

The county tax office has nothing to do with the bond except for collecting the funds for the developer. The bond could be considered a lien but is is a private lien between the owner and the developer thus would not have to be a public record.

I just spent last month in TV going to a lot of open houses (mostly new) and in every case, with the exception of one, I was only given the bond figure in rough approximate dollars. In only one house was I given the exact amount and that house was already sold (sold the day before the newspaper listing and it was too late to get it removed).

I would be willing to bet that each and every home listed with the VLS has the bond already on the form just as the number of rooms, baths etc. Only problem is that it is not all on a web site. During my looking I was also allowed to look at a number of street plans and layouts in the newer areas of TV. I asked if I could get a copy but was told no. Same thing with a printed spreadsheet that the sales reps had of all the currently available homes that the reps get every day. More good information but again you have to go through a sales rep.

Z
Thanks for checking but if you look at any of the homes that I used in my example on Lake Ridge drive and then look at the payment history you will see that there are three lines in the Non-Ad Valorem Assessments.

UNIT xxx SPEC ASMT-MAIT $1,665.82
UNIT xxx SPEC ASMT-BOND $3,914.12
VILLAGES FIRE DISTRICT $81.00

Total Assessments $5,660.94

If the $3,914.12 is interest only then do you receive another statement of what the bond principle is for that year? Do you write out two checks, one for your taxes and another for bond principle? I am well aware of the maintenance fee and how it can change from year to year.

I will play around and try to find some homes that are north of 466 to see how they pan out. If the ASMT-BOND is only interest then a 10 year old home would show a decrease in the figure over time.

Isn't the interest and principle payment?

Are there changes for you in the wind, Russ? If so, congrats!

I just looked at two homes in the Bonnybrooke area that are both designers according to the records filed at that time. In one case the SPEC ASMT-BOND went from $938.21 in 2004 to $936.04 in 2009. So that indicates to me that the SPEC ASMT-BOND is the total interest and principle of the bond as if it were only interest it would have dropped more than $2.17. The other property only dropped $.55 from 2005 to 2009.

You cannot pay down your bond principle. You either pay the entire bond off in July or you pay the interest payment that year.

The line UNIT xxx SPEC ASMT-MAIT $1,665.82 is your share of what the CDD determined it needed to maintain your district for the coming year.

The line UNIT xxx SPEC ASMT-BOND $3,914.12 is your bond interest for the year.

I do not have a bond so I do not have the ASMT line. I had to look at a few other houses in the area to see the ASMT line.

I think it is a fixed 30 year "loan" so it will never decrease.

I just read it yesterday. http://www.districtgov.org/howDoI/PayBond.aspx

ese assessments are scheduled to be repaid in annual charges that show up on the Non-Ad Valorem section of your county property tax bill until they are paid off. The annual assessment includes principal, interest and a small administrative fee to process the payment.
This is from the distgov site.

I think the line ...The line UNIT xxx SPEC ASMT-BOND $3,914.12... is not just your bond interest.. I think it is your yearly payment to pay off the bond, and that payment includes interest and payment on the principal, just like an other loan...
But like someone else on here says.. I could be wrong.

You are correct. I am wrong. However, like any 30 year loan, the princpal is only a tad compared to the interest.

I agree the principal part of the payment would be small. Do you think it is wise in this economy to pay off the bond? I intend to when I buy. IF I ever sell, I am sure buyers will calculate that into any home they make an offer on, paid or not.

I think you can be right on both sides if the paying off the bond issue from a financial perspective. IMO, it depends largely on your risk tolerance. I am not advocating either way, but a point to consider (just one in many) is that this may not be a benefit to all buyers, as the assessed value for future taxes has changed.

As an example, lets say my neighbor and I both paid $200,000 and we owe $20,000 on the bond. We both sell at the same time. Both homes go on the market, mine for $200,000 + $20,000 for bond, theirs for $220,000.

My home for the new buyer will be assessed at $200,000 versus the neighbors will be $220,000.

Not the deciding factor, just another line in your matrix when deciding to pay. My issue is that the first question in the matrix is: Do you have $20,000. I cannot get past that one ;)

BTW, lots of threads on this subject in TOTV archives...

Linda and I will be down in May with the intent of getting an RN job (for me) and buying a home. That is if everything goes to plan. I don't think we'll be living down there until early next year but who knows?

Don't you just roll the current bond (assuming you don't want to pay it off) into a mortgage payment? So can't it be less than 30 if that is what you want? I assume that even if it is amortized over 30 you could still pay additional each month towards the principal to pay it off early?

Russ, no you can not. When we were buying last summer, we thought we were going to have to take a loan out, and I tried to do that. The loan places and banks will not let you do that. They will give you only the home price for the loan. So waiting till July to pay the bond off. The good thing is we bought a CYV so bond is only $12,000.
Maybe we will get to see you in May.

Army Guy