Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > State Forums > Individual States > Florida
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 08-07-2008, 09:40 AM
Dan/Fla's Avatar
Dan/Fla Dan/Fla is offline
 
Join Date: Jan 2002
Location: Jacksonville, Fl
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 775
Default CDD Fees

Ever had one of thoses days where you want to pull out your hair..

I did a review a couple of weeks ago and basically the report was good. The only comment I made was that the appraiser fail to mention the CDD fees. Since you have to pay these fees somewhat like the PUD fees. Noted they should be noted in the report, Even though I did note that these fees have no effect on value given in report since all comps used had same fees.

The appraiser responded back basically stating there is no such thing as a CCD fee, & I made it up, to make him look bad.

Sometimes you feel all alone out here not talking to other appraisers often. Am I the only one who mentions these fees and tries to explain to U/W what they are, on page 3?

I put this in Florida because I read that most states do not have it.
Sponsored Links

  #2  
Old 08-07-2008, 12:33 PM
Dennis J. Black, ASA, IFAS Dennis J. Black, ASA, IFAS is offline
 
Join Date: Mar 2002
Location: Port Charlotte, Florida
State: Florida
Professional Status: Certified General Appraiser
Posts: 1,606
Default

Dan,

Can you state exactly what you mean by CDD fee (or CCD fee, you used both terms).
  #3  
Old 08-07-2008, 01:10 PM
sos's Avatar
sos sos is offline
 
Join Date: Jan 2002
Location: Miami
State: Florida
Professional Status: Certified General Appraiser
Posts: 241
Default

CDD-Community Development District
  #4  
Old 08-07-2008, 01:17 PM
sos's Avatar
sos sos is offline
 
Join Date: Jan 2002
Location: Miami
State: Florida
Professional Status: Certified General Appraiser
Posts: 241
Default

CDD" - means a local unit of special-purpose government. A community development district may charge separate non-ad valorem special assessments for satisfying the debt obligations of the District related to financing, constructing, maintaining and servicing the District's improvements and/or services.

This is a developers way of not paying for the infrastructure with issuing 30 year bonds and having the homeowners pay for it.

Typically it is included in the PUD fee.

Jay
  #5  
Old 08-07-2008, 04:24 PM
Dan/Fla's Avatar
Dan/Fla Dan/Fla is offline
 
Join Date: Jan 2002
Location: Jacksonville, Fl
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 775
Default

Here in this area the PUD fees and CDD fees are separate. The PUD fees are monthly and CDD fees I have seen are yearly. It seems they are always higher than the PUD fees. These fees are in appear to only be in newer developments.

These are for to plan, finance, construct and maintain the infrastructure and services & other.

I do not know this but I believe it a way a builder can lower the sales price of a home and PUD fees, or increase profit. Since buyers are lookin at the Home sale price and They know to asked about the PUD fees, however CDD fees seek up on them
  #6  
Old 08-08-2008, 07:25 AM
Dan/Fla's Avatar
Dan/Fla Dan/Fla is offline
 
Join Date: Jan 2002
Location: Jacksonville, Fl
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 775
Default

To further explain I thought is best to note the basics I put in my own report to explain to the reader what a CDD is

CDD Fees: 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 PUD amenities.

Rather than paying everything up front, homeowners pay the ultimate costs for the amenities over a span of 15 to 30 years.

A five-member CDD board, chosen by the developer, issues the bonds and levies taxes and assessments on the homeowners, who pay the added fees along with their county and city taxes. It is only when most of the homes in a development are sold, and all the crucial initial decisions have already been made, that homeowners can begin to sit on the board.
  #7  
Old 08-08-2008, 09:04 AM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
Join Date: Sep 2005
Location: SW Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 2,758
Default

Quote:
Originally Posted by Dan/Fla View Post
To further explain I thought is best to note the basics I put in my own report to explain to the reader what a CDD is

CDD Fees: 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 PUD amenities.

Rather than paying everything up front, homeowners pay the ultimate costs for the amenities over a span of 15 to 30 years.

A five-member CDD board, chosen by the developer, issues the bonds and levies taxes and assessments on the homeowners, who pay the added fees along with their county and city taxes. It is only when most of the homes in a development are sold, and all the crucial initial decisions have already been made, that homeowners can begin to sit on the board.
Are the CDD fees billed separately or included in the local property tax bill in your market?
  #8  
Old 08-08-2008, 10:19 AM
Lax1's Avatar
Lax1 Lax1 is offline
 
Join Date: Jan 2007
Location: Orlando Area, FL
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 315
Default

Here's an example in Orange County for a property in Baldwin Park

Taxing Authority Taxable Value
Applied Millage (Tax)
Rate Applied Ad Valorem Taxes
Levied
Public Schools
By State Law (RLE) $103,488 4.9420 $511.44
By Local Board $103,488 2.1790 $225.50
Orange County (General) $103,488 4.4347 $458.94
Library - Operating Budget $103,488 .3748 $38.79
St Johns Water Management $103,488 .4158 $43.03
City Of Orlando $103,488 4.9307 $510.27
Millage Rate and Ad Valorem Tax Total 17.2770 $1,787.97

Non-Ad Valorem Assessments
Levying Authority Assessment Description Units Rate Assessment
City Of Orlando Orlando Storm - Drainage (407)246-2370 54.85 $1.00 $54.85
Urban Orlando Cdd-Cap 01 Urb Orl Cap 01 - Community Developmnt (407)382-3256 0 $1.00 $.00
Urban Orlando Cdd-Cap 04 Urb Orl Cap 04 - Community Developmnt (407)382-3256 708.78 $1.00 $708.78
Urban Orlando Cdd-Oper Urb Orl Cdd Opr - Community Developmnt (407)382-3256 360.42 $1.00 $360.42

Non-Ad Valorem Tax Total $1,124.05

Estimated Gross Tax Total $2,912.02
  #9  
Old 08-08-2008, 10:27 AM
Lax1's Avatar
Lax1 Lax1 is offline
 
Join Date: Jan 2007
Location: Orlando Area, FL
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 315
Default

Here's a good article on this:

http://www.apwa.net/Publications/Rep...LE_NUMBER=1478
  #10  
Old 08-08-2008, 10:30 AM
Dennis J. Black, ASA, IFAS Dennis J. Black, ASA, IFAS is offline
 
Join Date: Mar 2002
Location: Port Charlotte, Florida
State: Florida
Professional Status: Certified General Appraiser
Posts: 1,606
Default

sos,

I know what the letters mean. I wanted to know what authority the CDD Dan was addressing has. The devil is in the details.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 05:53 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93