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Old 03-31-2016, 01:45 PM
 
Location: Altamonte Springs, FL
2,168 posts, read 5,053,589 times
Reputation: 1179

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There seem to be so many fees and taxes to live in Baldwin Park it just insane. I see a 3-bedroom condo on the market for $255K. Condo fees are $400 monthly, which is high but in-line with condos with lots of amenities. However, the property taxes are completely out of whack. $4,740 a year? How can that be real for that home price and 1,307 sq feet? Anyone know what the deal is with Baldwin Park?
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Old 03-31-2016, 02:27 PM
 
59 posts, read 171,745 times
Reputation: 92
A majority of the "taxes" are CDD (community development district) fees. Basically, in order to build the neighborhood the developer takes out interest free bonds and the homeowners(land) owners then pay back the loans over 30 years. Ideally after 30 years the CDD portion of your tax bill would fall off, unless the District takes on more debt.
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Old 04-01-2016, 07:56 AM
 
Location: Altamonte Springs, FL
2,168 posts, read 5,053,589 times
Reputation: 1179
Okay, yeah i thought it was something like that. Thanks...
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Old 04-01-2016, 09:36 AM
 
Location: Central Florida
3,262 posts, read 5,001,073 times
Reputation: 15027
Quote:
Originally Posted by Pete C View Post
There seem to be so many fees and taxes to live in Baldwin Park it just insane. I see a 3-bedroom condo on the market for $255K. Condo fees are $400 monthly, which is high but in-line with condos with lots of amenities. However, the property taxes are completely out of whack. $4,740 a year? How can that be real for that home price and 1,307 sq feet? Anyone know what the deal is with Baldwin Park?
This property tax amount may not include the Homestead Exemption. It may be that the seller did not use the condo as their personal residence, and so they did not qualify for the Homestead Exemption.

I bought my condo last year (not in Baldwin Park) from a person who was renting it out to a tenant, and the property taxes were pretty high. The condo is my personal residence, so this year I've filed for the Homestead Exemption and my taxes should be lower.
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Old 04-17-2016, 10:32 AM
 
60 posts, read 70,668 times
Reputation: 58
you get what you pay for...
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Old 04-17-2016, 05:18 PM
 
4,278 posts, read 5,177,391 times
Reputation: 2375
I think That condo has an elevator and the hoa fees are higher because of it. The CDC fee is an and on to the tax bill and it's a bite. I think the condo's/townhomes are not such a great bargin in BP unless you can get in really cheap. I think they have higher fees than the homes. BP has the location which going forward will keep them valuable.
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Old 04-17-2016, 09:38 PM
 
Location: FLORIDA
8,963 posts, read 8,918,308 times
Reputation: 3462
Quote:
Originally Posted by uberwulu View Post
you get what you pay for...
I think that's the complaint.
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Old 04-20-2016, 01:16 PM
 
60 posts, read 70,668 times
Reputation: 58
Quote:
Originally Posted by StreetSmarts View Post
I think that's the complaint.
Then it's not a problem. If getting what you pay for isn't enough, then the problem is an entitlement attitude, and we can't fix that for him.
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Old 04-20-2016, 02:56 PM
 
Location: Altamonte Springs, FL
2,168 posts, read 5,053,589 times
Reputation: 1179
Quote:
Originally Posted by uberwulu View Post
Then it's not a problem. If getting what you pay for isn't enough, then the problem is an entitlement attitude, and we can't fix that for him.
Not sure what I did to deserve that comment. I asked a question and got an answer. It should have ended there, but for whatever reason you chose to troll. You don't think I know that you get what you pay for? That usually comes in the form of the price of the house and the HOA fees for the amenities. That's usually it. The CDD thing hiding in the taxes is something I had never heard of before, and explains why taxes are almost double what other properties have in Winter Park. I never asked you or anyone to fix anything for me.
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Old 04-20-2016, 03:44 PM
 
536 posts, read 852,513 times
Reputation: 768
Quote:
Originally Posted by Pete C View Post
There seem to be so many fees and taxes to live in Baldwin Park it just insane. I see a 3-bedroom condo on the market for $255K. Condo fees are $400 monthly, which is high but in-line with condos with lots of amenities. However, the property taxes are completely out of whack. $4,740 a year? How can that be real for that home price and 1,307 sq feet? Anyone know what the deal is with Baldwin Park?
If you divide $4740 (taxes) by $255K (projected purchase price) you get an annual property tax rate of .01858 (less than 2%).

Given that there is also a CDD included in that figure, that tax rate would not be considered all that high in most parts of the US.

It is neither insane, nor out of whack.

If there wasn't a CDD spread out over a period of years, the original developer would have had to raise the initial selling prices higher still.

https://en.wikipedia.org/wiki/Commun...pment_District

If a buyer doesn't feel they should have to pay for the infrastructure in a new development...then they should look for a home in an older community where there is no CDD.

One way or the other. Nothing comes for free.
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