CDD FEES IN VENICE FL
A Community Development District (CDD) is an alternative method for managing and financing infrastructure required to support community development.
There are 600 Community Development Districts in Florida, 438 of which were chartered during the height of the real estate market in 2003 through 2008. These CDD's issued $6.5 billion in municipal bonds to finance their neighborhood/community infrastructure, such as roads, water, sewer, and public spaces. Over 168 of these districts are in default on $5.1 billion of bonds. None of these distressed CDD's are in my service area of Sarasota, Manatee, or Charlotte Counties.
WHAT IS THE PURPOSE
OF A CDD FEE?
CDD's provide a way to finance community development through the levy of bonds, which usually have a term of 30 years.
I most often see CDD fees in a range of $500 to $2000 per year, depending on the community or area.
These taxes and assessments are in addition to county and other local governmental taxes and assessments and all others provided for by law.
MLS listings have a field for the CDD fee for the property, where applicable. Sometimes this field is left blank, and the property tax field contains the combined CDD and property tax amount.
Please be sure to ask me to research the tax records to provide you with an accurate estimate of total property taxes.
Some buyers are reluctant to pay higher property taxes in today's economy, but many others see a definite benefit of living in a CDD.
CDD's pay for the installation, maintenance, and operation costs of items such as roads, lighting, landscaping, signs, bike paths, and parks. The beautifully landscaped neighborhoods in CDD's attract a lot of buyers and give peace of mind to seasonal residents who are assured their community is being well maintained during their absence.
Make sure to ask your accountant about the deduction you may receive on your federal income tax for local property taxes and CDD fees.
ANNUAL CDD FEES IN
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