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.
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.
What kind of lien is it? If I don’t pay if off, what happens when I sell my home?
The bond assessment is a lien on the land only and is fully transferable upon sale of the property. As such, the new owners
are responsible for paying the remaining amount, either in full or annually on their tax bill.
Should I pay off the bond debt?
You should contact your accountant or financial advisor for advice as individual circumstances vary.
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, you cannot make a partial payment on the assessment due. Florida law requires payment in full or through the annual
assessment on your 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 payoff deadline late in July?
The payoff figure is good only through late July because the annual assessment roll must be certified to 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.
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.
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. The amount of the payoff will be
reduced slightly for the amount of principal included in the final annual payment to the Tax Collector.
Remember: Even if you pay your bond assessment, there will continue to be an annual maintenance assessment that pays for the ongoing costs of maintaining the infrastructure.