What is the CDD Bond Assessment? The Villages is divided into 14 residential CDDs, three commercial CDDs and two utility independent districts. Their infrastructure is financed through the sale of revenue bonds.The CDD Bond Assessment reflects each lot's proportionate share of the cost of building the infrastructure within its Community Development District or for which its District has responsibility. It is the most equitable method of distributing costs between the properties that benefit from the infrastructure. Infrastructure includes stormwater systems, underground pump stations, water retention areas, curbs, gutters, streetlights, transportation trails, underground piping, etc.
How does a 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. 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 district's website www.districtgov.org under the Finance Department link.
How do I pay for the Bond Assessment if I don't pay it in full? These assessments are scheduled to be repaid in annual charges that are in the Non-Ad Valorem section of your county property tax bill until they are paid off. The annual assessment includes principal, interest, and administrative fees.
Can I pay by credit card? No, the bond can only be paid by check (personal or bank) or money order.
Can I make a partial payment of the total assessment due? Partial payments are not allowed. You may pay the bond in full at any time. If not paid in full, annual assessments will continue to be billed on your county tax bill.
Can I deduct the bond assessment on my property tax bill from my income taxes at year-end? You should contact your accountant or financial advisor for advice regarding income taxes. Contact Me
All Rights Reserved Walter Coe, 09/01/2020
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