Frequently Asked Questions
What is the Bond Debt Assessment for?
The bond debt assessment reflects each lot’s proportionate share of the cost of building the infrastructure within its 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 storm water systems, underground pump stations, water retention areas, curbs, gutters, streetlights, transportation trails, underground piping, etc.
How does the 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 as a whole. 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 Districts' 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 an administrative fee.
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 total assessment due?
No, a partial payment cannot be made. There are two options from which to choose. You may payoff your bond in full at any time or the annual assessments will continue to be billed on your county
tax bill..
Can I deduct this prepayment on my income taxes at year-end? 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.
Why is the annual payoff deadline late in July?
The payoff figure is good only through late July because the annual assessment roll must be certified to the Property Appraiser and the Tax Collector to remove the assessment from your tax bill. It would be too late to guarantee removal of the assessment from the tax bill you receive in early November if payment was made after the payoff deadline.
What happens if my bond is paid off after the cut-off date in July?
You will receive one more year of annual debt assessment on the November tax bill. However, if you pay off the bond between the July cutoff date and September 16th, the payoff amount will be reduced by the interest billed in the annual assessment. If you pay off the bond between September 17th and March 16th, the payoff amount will be reduced by half the interest billed in the annual assessment. From March 17th through the following July cutoff date, the payoff amount will be reduced slightly for the amount of principal included in the final annual payment to the Tax Collector.
Is there an advantage to paying off my bond during a certain time of the year?
If you pay off your bond between the July cutoff date and September 16th, the payoff amount will also be reduced by the interest billed in the annual assessment and if you pay off the bond between September 17th and March 16th, the payoff amount will also be reduced by half of the interest billed in the annual assessment.
When will I receive the Release of Imposition if I pay off my bond in full?
You should receive your copy of the recorded Release of Imposition approximately 4 – 6 weeks after paying off your bond. If the Release isn’t received by then, please feel free to call our office at (352) 751-3900. Upon receipt of your copy, it is advisable that you keep it with the deed to your property.
Remember: Even if you pay off your bond assessment, there will continue to be an annual maintenance assessment that pays for the ongoing costs of maintaining the infrastructure.