馃攳
What Are CDD Fees? CDD vs HOA 馃彙 Buying in Florida FAQ | MELANIE 鉂わ笍 TAMPA BAY - YouTube
Channel: Melanie Loves Tampa Bay
[0]
if you've been looking online at Florida
houses and we're wondering what the heck
[4]
a CDD is stay tuned I'll explain hey
everybody melanie atkinson here realtor
[14]
with Smith & Associates in beautiful
Tampa Bay Florida and today is my very
[17]
first frequently asked question episode
this question comes up all the time
[22]
especially from out-of-state buyers what
is a CDD and how does it differ from an
[28]
HOA CDD stands for Community
Development District and its main
[32]
purpose is to plan finance construct and
operate community-wide infrastructure
[38]
and amenities for the residents to enjoy
basically the developer takes out a bond
[43]
so it can create and pay for the
infrastructure and the amenities in a
[47]
community that bond is then paid back by
the residents of the community who are
[52]
hopefully enjoying all the amenities
that the community has to offer the
[56]
length of time that these bonds have to
be paid back in varies depending on your
[60]
community some of them are twenty
twenty-five or thirty years
[63]
how do residents pay the CDD fee the
yearly cost of the CDD fee is paid for
[69]
in your property taxes specifically the
non ad valorem portion of your property
[74]
taxes this portion when combined with
the ad valorem portion of the taxes
[78]
creates your total property tax bill for
the year it's a bit complicated I'm
[83]
happy to explain more if you reach out
to me how much is a typical CDD per year
[87]
well that's a hard question to answer
because it really does vary widely
[90]
depending on the community but I will
tell you that a lot of the new large
[94]
communities that are currently under
construction the CDD is around $2,000 a
[99]
year how does the CDD differ from an HOA
the CDD in the HOA are different
[104]
entities within a community that work
together but have separate
[108]
responsibilities a lot of the general
maintenance costs of a community are
[111]
handled by the CDD
whereas the HOA creates and enforces the
[116]
deed restrictions and also operates a
lot of those amenities again every
[120]
neighborhood is different in that
neighborhood should be able to provide
[123]
you with a list of responsibilities that
are covered by both entities so what
[127]
happens when the bond is paid off does
your CDD go away west chase is a great
[132]
example of a neighbor
that has certain villages where the CDD
[135]
bond is actually paid off the houses in
West chase that are over 20 years old
[139]
actually have the bond portion of the
CDD paid off already so here's an
[144]
example using one of those houses that
shows you how the CDD changed once the
[148]
bond was paid off
I took a typical house in West chase
[150]
that's now over 20 years old and looked
up the 2017 taxes and the CDD portion of
[156]
the taxes that year were 1095 dollars
then I looked at the taxes from last
[161]
year and the CDD portion is only four
hundred and eighty six dollars and 20
[165]
cents that's a big difference so why
does the CDD still need funding if the
[170]
bond is paid off well part of the
responsibility of the CDD is the
[174]
maintenance portion so they still need
funding so they can take care of that
[178]
responsibility and that cost will
probably never go away in your community
[182]
so why would I spend extra money to live
in a CDD community when I can choose a
[186]
community that doesn't have a CDD there
are definitely options of communities
[190]
without a CDD but those options tend to
be smaller communities with less
[195]
amenities so ask yourself this question
are you one of those people that are
[198]
gonna be using the community amenities a
lot if you're not then you might be
[203]
better off looking at a community that
doesn't have a CDD but keep in mind that
[207]
typically non CDD communities will have
a higher HOA cost than a CDD community
[213]
because the HOA is now responsible for
all of the maintenance of that community
[217]
even if it doesn't have a lot of
amenities I hope this quick episode
[220]
helps clear up any of your confusion
with CDs and HOAs if you're looking to
[225]
buy or sell in the Tampa Bay area give
me a call or send me a text I'm happy to
[228]
help as always thank you for watching
with love Melanie this is riveting TV we
[233]
might have to put like some sort of
amenity pictures like if you have the
[237]
pool picture or something like that
because I don't know if I'm be able to
[240]
say the sentence I'm just gonna read
this then that's really the hardest
[243]
sentence and the whole thing this
Melanie Jenn
Most Recent Videos:
You can go back to the homepage right here: Homepage