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Old 04-17-2007, 05:23 PM
 
Location: arrlando, flarida
2,227 posts, read 5,724,543 times
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Default what are cdd fees?

is it like hoa fees? my property taxes are roughly 2500 yr and hoa fees are 1200 per yr. so total, about 3700. are cdd fees the same as hoa fees? in st augustine, if i bought a home for 250k, assuming my property taxes were the same as here in east orlando, would i have hoa fees plus cdd fees? thanks in advance.
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Old 04-17-2007, 06:32 PM
 
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Yep, CDD fees and Home Owner Association fees are two different things. As are your taxes. Home Owners fees go to the association for things like maintaining the common ground, gated community and stuff like that. CDD fees (correct me if I am wrong being I live in NY but am moving to Fl) are fees that builders have on the land which you also pay.
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Old 04-17-2007, 06:44 PM
 
Location: Central FL
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These fees are in addition to your HOA fees. For instance, we looked into building in the Vista Lakes community here in Orlando. We did not because each home was assessed a CDD fee of $61.00 a month to pay for the schools the developer had promised the county to build in the community. If we had school age children it would have been worth it.
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Old 04-17-2007, 06:48 PM
 
Location: Weeki Wachee, FL
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I thought property taxes were to go to schools? they need another fee aswell for as I read 3rd rate schools?
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Old 04-17-2007, 06:54 PM
 
Location: Central FL
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Quote:
Originally Posted by TheRollingSurf View Post
I thought property taxes were to go to schools? they need another fee aswell for as I read 3rd rate schools?
In recent years the school districts have had trouble building enough schools to keep up with the growth. Sometimes the county would deny permits to develop land due to lack of schools, services etc. Therefore the developers may cut a deal with the county to build schools for a large planned development such as Vista Lakes...the developer may donate/set aside the land for the school...but then each homeowner is assessed a fee to build the school...thus the CDD fees. At least that's how the builder we talked with in Vista Lakes explained it to us.
Actually it would be great if we had school age kids because the schools are supposed to be smaller and more community focused than the average public school.
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Old 04-17-2007, 08:03 PM
 
Location: Jax
8,204 posts, read 23,280,610 times
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Quote:
Originally Posted by pianogal View Post
In recent years the school districts have had trouble building enough schools to keep up with the growth. Sometimes the county would deny permits to develop land due to lack of schools, services etc. Therefore the developers may cut a deal with the county to build schools for a large planned development such as Vista Lakes...the developer may donate/set aside the land for the school...but then each homeowner is assessed a fee to build the school...thus the CDD fees. At least that's how the builder we talked with in Vista Lakes explained it to us.
Actually it would be great if we had school age kids because the schools are supposed to be smaller and more community focused than the average public school.
Perfect explanation...I think the CDD fees can go up quite a bit as well. My understanding is that the money goes to bonds (maybe municipal bonds?) for things such as you said - schools, libraries, etc. So one bond may expire, but then they need a new bond for something else...maybe the development is so huge that another school is now necessary. So these big developers can boast "you'll have your own school here!"....well, yeah, but you're paying for it, and it's not private, the kids who live outside the development may be attending the school as well.

HOAs are pretty controllable provided you have a decent board/management company who is watching the bottom line. Mine has increased once in 6 years and only by $10.

You can easily choose a neighborhood with only HOA and no CDD, at least here in Jax you can. And of course, plenty of neighborhoods with neither!
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Old 04-17-2007, 08:12 PM
 
Location: Living in Paradise
5,701 posts, read 16,980,536 times
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Lightbulb Community Development District.

As Florida's population boomed, CDDs were created to shift the burden of building roads and utility lines away from cash-starved municipal and county governments. The massive costs of building the infrastructure are financed by the developer with a key CDD incentive: tax-free municipal bonds.

The bonds pay for not only roads and utilities, but also amenities such as clubhouses, pools, tennis courts and golf courses that entice middle-class buyers yearning for a more lofty lifestyle.

Rather than paying everything up front, homeowners pay the ultimate costs for the amenities over a span of 15 to 30 years.
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Old 04-17-2007, 08:19 PM
 
Location: Jax
8,204 posts, read 23,280,610 times
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Quote:
Originally Posted by sunrico90 View Post
As Florida's population boomed, CDDs were created to shift the burden of building roads and utility lines away from cash-starved municipal and county governments. The massive costs of building the infrastructure are financed by the developer with a key CDD incentive: tax-free municipal bonds.

The bonds pay for not only roads and utilities, but also amenities such as clubhouses, pools, tennis courts and golf courses that entice middle-class buyers yearning for a more lofty lifestyle.

Rather than paying everything up front, homeowners pay the ultimate costs for the amenities over a span of 15 to 30 years.
So what do you think of them? Would you personally buy in a neighborhood with CDD fees?
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Old 04-17-2007, 09:41 PM
 
Location: Living in Paradise
5,701 posts, read 16,980,536 times
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Quote:
Originally Posted by riveree View Post
So what do you think of them? Would you personally buy in a neighborhood with CDD fees?
I have to evaluate the need versus the cost of doing business. If the terms and conditions are good and in my favor yes, otherwise no...
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Old 04-18-2007, 03:45 PM
 
Location: arrlando, flarida
2,227 posts, read 5,724,543 times
Reputation: 457
thanks for all the replies guys and gals.
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