What is the purpose of the VillaSol CDD?
The District was created to finance and manage the acquisition, construction, operate and maintain of a portion of the infrastructure necessary for community development. The Ordinance establishing the District authorizes the District to issue bonds for the purpose of financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping, operating and maintaining water management, water supply, sewer and wastewater management, bridges or culverts, roadways, street lights and other basic infrastructure projects within or without the boundaries of the District as provided in the establishment Ordinance.
What is the difference between the CDD and the HOA?
The CDD constructs, operates and maintains public infrastructure such as the recreation center, the gates as well as common area landscaping and the ponds, which are open to the general public, while the HOA primarily deals with covenant enforcement, violations and other private-property issues.
Each organization has a different governing Board and a different organizational charter. Each entity will also separately award contracts and hire consultants and employees for its own particular needs.
What is the difference between an ad valorem assessment and a non-ad valorem assessment?
An ad valorem assessment is based on value, whereas a non-ad valorem assessment is not.
Your annual real estate taxes are ad valorem, meaning they are based on the value of the property and infrastructure, while CDD assessments are non-ad valorem. They are based on the benefit each parcel receives from District facilities, infrastructure and services.
What can I expect to pay for my annual assessments?
The VillaSol CDD has issued one bond series, Series 2003, for the benefit of public infrastructure and facilities for all properties within the District. The bonds were financed over a 30-year period, subject at any time to refinancing or refunding at the direction of the Board of Supervisors.
These assessments are fixed over the life of the bonds and are included on the annual real estate tax bills. Any home owner has the option of paying down this debt assessment early, either in part or in whole, which will either reduce or eliminate the annual debt assessment levied on the property. For information on paying down your debt assessment, please contact the Assessment Department at 954-603-0034 or email at Luvinia.LaCap@inframark.com.
For those home owners choosing not to paydown the debt assessment early, you will pay this assessment only for the period of time that you own your home, or until 2034, whichever is sooner. If you sell your home before the District bonds are paid off, the next owner becomes responsible for paying their share of the cost of the infrastructure and facilities.
The operations and maintenance assessment may vary based upon the general fund budget adopted each year after an advertised, public hearing. The budget for fiscal year 2014 shows the maintenance assessments by product type. Click here for the Budgets page.
The debt component added to the operations and maintenance component result in the total non-ad valorem assessments included on your annual real estate tax bill.
Why do I pay assessments and how are they determined?
All landowners will also pay non-ad valorem assessments related to capital costs and operation and maintenance costs of District facilities and services. Bonds were issued to fund these capital costs, and the bonds were secured by pledged revenues which are collected on behalf of the District in the form of non-ad valorem assessments by the properties within the District that benefit from the capital improvements. These capital improvements include master infrastructure elements to serve the common areas throughout the District and provide access to the residential villages within the District, including earthwork/grading, roadways, drainage systems, water and sewer systems, electrical distribution systems, community parks and recreational facilities, common area landscaping and irrigation, signage, underground electrical and street lighting.
The annual assessment is comprised of two components: debt service and maintenance.
The debt service component is the fixed amount required to amortize the debt for the infrastructure and facilities acquired or constructed by the District. The annual debt assessment collected for each property has been determined based upon use of each parcel. The District has levied a debt assessment against your property that is based on benefit and your pro-rata share of the cost of the public infrastructure and facilities financed by the District.
The maintenance component is an annual assessment for operations and maintenance of District infrastructure and facilities. Each year, the Board of Supervisors holds a public hearing to set the budget and the level of operations and maintenance assessments. Included in the operations and maintenance assessment is your pro-rata share of the annual costs to administer the District.
While these assessments are not taxes, they will appear on your property tax bill that you receive in November of each year. If you have a mortgage on your property and your taxes are escrowed, your assessments may be included in your monthly mortgage payment. In such case, your tax bill will be sent directly to your mortgage company and will be paid from your escrow account.
How do I contact the Board or someone who can answer my questions?
You may send an email to the District office, mail correspondence to us, or phone us.