[Villageswimmer]

Originally Posted by kstew43

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.

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 .

[kcrazorbackfan]

Originally Posted by kstew43

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?

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).

[Villageswimmer]

Originally Posted by naneiben

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 .

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.

[Villageswimmer]

....

[jebartle]

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

Originally Posted by cmj1210

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

[JoMar]

Originally Posted by naneiben

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?

We all pay an annual maintenance fee.

[Jimbo120]

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

[justjim]

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

[sunnyatlast]

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®

[RickeyD]

Originally Posted by jebartle

Sumter - $420

Lake - $277

Marion - $190

What do these figures represent ?

[RickeyD]

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.

[RickeyD]

Originally Posted by justjim

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

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.

[vette]

Originally Posted by naneiben

Also, isn't that bond high for a cottage? I thought 25k was about par for a designer?

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.

[graciegirl]

Originally Posted by vette

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.

[kstew43]

Originally Posted by jebartle

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

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.