When bonds dry up, who pays infrastructure?
 

Considering TV within next few years. It looks like paradise, and my wife and I are interested.

With final phase going in, and no more new bonds thereafter for the first time in the history of TV, how will TV pay for decades of ongoing infrastructure care and daily maintenance? Higher property taxes? Special assessments, like a condo?

Are the bonds purely for new infrastructure of new areas, and definitely not for maintaining completed sections of TV or daily care? Do we know this for sure, if the answer is "yes"? When one signs the bond and any other agreement for TV, is there a mention of future potential payments, in particular, special assements in the documentation ( like every condo)?


Thank you for any replies that help me understand.

There is a maintenance assessment charged every year shown on your tax bill. The amount is determined by the CDD where you live. This is for the ongoing upkeep of the infrastructure and it can be changed very much like taxes.

Your home bond is the initial development cost of your neighborhood unit.

:wave:

The maintenance assessment is for the common areas, flower beds etc. The "infrastructure", roads, drainage etc., is turned over to the county, and maintained with tax money, just like any other county roads, etc.

I see and thank you both. So, it's more like a giant condo with assessments and property taxes than just a town, that is supported by only property taxes.

I wonder if there's debate with the taxing bodies about what is local govt responsibility versus TV responsibility when things arise.

It appears to be well defined through the CDD form of government.

It seems to me that I've recently read something regarding this topic and the source explained that the CCD form of government provides for continuing upkeep of the infrastructure even when the developer has fulfilled his/her responsibilities. In other words, it provides continuing funding for TV. At least, that's the gist of what I recall.

That is true. YOUR CCD will determine how much will be required for the upkeep of your CCD and will collect that in the maintenance assessment fee on the annual tax bill.

I see. Thank you all for the explanation.

Some towns struggling with local property taxes more than others. How is it at TV, pretty well controlled?

Just go to the Sumter County Tax Collector website and lookup some TV properties. There it shows clearly what the bond annual amount is, and the maintenance separately. Ours is about $1000/year for the bond payment, and about $300/year for the maintenance.

There's nothing sinister about the bond payments and infrastructure maintenance fees. Many newbies get all suspicious about this, like TV is hiding something from the buyer, and as if they never paid for infrastructure construction in their lot price, or maintenance, before in their city/county taxes elsewhere.

You are right. I had never thought of it that way but it is something that happens. I think it is because this place just seems too good to be true. I felt the same way when I came here the first time. ...O.K...what's the catch?

I believe having a separate bond also lowers the price of your home for RP tax purposes. Does anyone know for sure?