IRS Rules against The Villages
 

This is not what Janet Tutt said and she repreents The Villages so what she said must be true.

Read the article you will be surprised what the real story is.

What are the points that you see that are different?

[QUOTE=jflynn1;698291]This is not what Janet Tutt said and she repreents The Villages so what she said must be true.

I have a personal experience with her in writing that proves this is not always the case..

The latest news: Tax troubles for Walt Disney World's government? - Orlando Sentinel

It appears that the Center District is now looking at settlement options. Let's hope that any settlement does not impact the District's ability to continue the amenity system. No news about this in the Daily Sun.

[quote=KeepingItReal;698332]What is it?

How does this affect us? We just purchased a home in TV and have not closed yet? It's in Sumter Co. We have been told that we have a monthly bond fee. Although it is low they say. Will this be affected? This is disturbing news.

No. The infrastructure bond for your home is not part of this IRS dispute. It involves bonds issued by the central districts to purchase amenities from the developer.

Mike, thanks for clarifying that. So how, if at all, could this affect us homeowners????

Any definitive answer is pure conjecture at this point

Worst case scenario I've seen proposed on this board is that the central districts wind up paying tax, interest and penalties which depletes the amenities funds to the point that amenities suffer. Others have wondered if the homeowners will have to cough up those funds, which doesn't appear possible since the dispute is with the central districts which are separate from the residential districts.

There is a history and timeline of the dispute on the district website. I would also direct you to the POA website and look at back issues. They have, to me, the most complete discussion of the dispute.

At a recent POA meeting, the president made several points. One, this isn't over by a long shot. Two, the developer, through the central districts, which he controls, will fight this aggressively because a negative result will severely reduce his take from the sale of amenities south of 466. Third, her belief that the developer will not allow the residents to suffer if the finding goes against TV.

But, as posted above, nobody really knows how this will end and the net effect, if any, on the residents.

Hope this helps.

Thanks Mike, you put it in words I can understand!

My friend and I are due to visit TV next week with a view to purchasing a home. I find all the comments interesting but also somewhat disturbing. I fail to understand why over $300,000 was paid in legal fees etc. by the home owners. My friend and I were first attracted to The Villages because it was a well run community and it provided a lifestyle that attracted us both, we are now having second thoughts. We have absolutly no problem with how much money the Morse family have made, they had a good idea and it has paid off for them. However some of the comments on this thread would seem to indicate that certain residents have severe doubts as to the honesty of the Morse family. I would like to ask these residents why they continue to live in your community? To end we had originally planned to purchse our home on this trip but unless we are given a witten guarentee that we will not be financially harmed in any way, if the final ruling on this matter goes against The Villages, either by reduced services or have to pay additional $'s, we most certainly will NOT be puchasing our new home in The Villages at this time.

Then I can assure you that you won't be purchasing your new home in TV at this time.

I'm afraid EdV is right...you almost certainly will not get any written guarantees.

But on the other hand, I think you would be making a mistake to put too much emphasis on the what the doomsayers say regarding this issue. Do your own research and make your own decision of course. But I would strongly suggest you not make a decision based solely on what you've read on this site.

A lot of residents, myself included, are wondering why the home owners are paying $300,000 per month in legal fees for the developer.

As was stated previously, you will not be given any written guarantee that you will not be financially harmed in any way.