What Are CDD Fees? CDD vs HOA 🏡 Buying in Florida FAQ | MELANIE ❤️ TAMPA BAY
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If you're looking at Florida homes for the first time, you're probably wondering what the heck a CDD fee is. How is it different from an HOA? CDD stands for "Community Development District." It's main purpose is to plan, finance, construct, and operate community-wide infrastructure and amenities for residents to enjoy.
www.ccfj.net/FS190CDD.html#190...
The neighborhood developer takes out a bond to get access to the money to create all of this infrastructure - the bond is paid back by residents over periods typically 20, 25, or 30 years.
How do residents pay the CDD fee?
The yearly cost of the CDD fee is part of your non-ad valorem property taxes. Combined with your ad valorem taxes, this creates your total tax bill for the year.
How much is a typical CDD?
The amount varies widely from neighborhood to neighborhood, but I've noticed that most of the new, large, master-planned communities here in the Tampa Bay area have CDDs around $2,000 per year.
How is a CDD different from the HOA?
The CDD and HOA (Homeowners Association) are different entities within a community that work together, but have different responsibilities. Many of the maintenance costs in a community are handled by the CDD, whereas the HOA creates and enforces deed restrictions as well as operate the amenities.
What happens when the bond is paid off? Does the CDD go away?
Westchase is a great example of a neighborhood that has certain villages with paid off CDD bonds. The homes in Westchase over 20 years old are now only paying the maintenance cost portion of the CDD, which will never go away. But once that bond is paid off, homeowners do get a significant cost break. I looked up a house in The Fords. In 2017, the CDD bill was $1,095.55. After the bond was paid off, the 2018 CDD bill was $486.20.
Why spend money to live in a CDD community?
There are lots of Tampa Bay area neighborhoods without CDDs, but they tend to be smaller communities with fewer amenities. If you don't think you will use amenities like a swimming pool, tennis courts, or fitness center, you might want to look at non-CDD communities. Typically, those will have higher HOA fees, because the HOA is now responsible for all of the maintenance costs.
This is part of my new Frequently Asked Questions (FAQ) series here on the channel - feel free to drop any questions you have in the comments.
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Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.
Email: matkinson@smithandassociates.com
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This is part of my new Frequently Asked Questions (FAQ) series here on the channel - feel free to drop any questions you have in the comments.
Thank You Melanie for explaining this! Yes this helps!
Always enjoy you insights. Thanks for sharing and looking to making a move next year after my wife retires.
I'm a RE agent in Orlando, love your videos! What a find,! great content
great explanation! thank you!
Great information! Thank you. It’s not as bad having a CDD as I thought it would be.
great video as usual
Thank you for detail explanation
Thank you!
great info
Thank you Melanie, I am new to the industry and work in new construction for David Weekley Homes. This is the best and easiest explanation I've found that I can easily convey to my clients. I work out of the Trevesta Community in Palmetto. If you are in the area check it out!
@MelanieLovesTampaBay
4 жыл бұрын
Mike Hill Hi Mike! Thank you! I will definitely come down and see you. I get asked about Palmetto all the time now and I haven’t spent a lot of time there. I lived in a David Weekley home for 9 years and loved it!!
Thanks for sharing. I’m a loan officer and I was having some trouble explaining that to my clients that were new in the area. Also had no clue that the bonds are set up 20yrs-30yrs etc I’ve got a couple homes in meadow point that we’re built in 2001 would be nice to save an extra $50 or so monthly.
New Sub! I need a realtor like you in Orlando!
Maybe because of the variety of sales people, we got slightly different answers. One told us, that even if we got in half way through paying off the CCD bond, we as new residents would still face the ‘30 years’ of payment. Another said CCD fees could go up over time. Another said a new CCD might be formed for an established community. This an unexpected rise in our expense. Still not clear on my future with CCD if I should get involved in a community with them. I’ll be retired on a fixed budget.
Cleared up my confusion quite a bit. I'm looking to purchase a new build in central Florida. I think I'll totally avoid non-CDD communities because I don't plan on staying in my first home for more than 3-5 years and equity is largely based on location and community standards so, no non-CDD for me.
+Melanie Loves Tampa Bay Are there any new home subdivisions in the Tampa - St. Petersburg and the surrounding area without CDD fees?
Can you write off the CDD portion on your taxes?
Hey Melanie, I have really enjoyed your channel. How do you recommend finding an agent? I am moving to Punta Gorda. How do I pick an agent in a new town?
@MelanieLovesTampaBay
5 жыл бұрын
HI Eliana! Thanks for watching. If you email me info on what you are looking for, I am happy to look into our referral partners in that area to see if there is someone that fits your needs...matkinson@smithandassociates.com
So I am looking at new construction in new Lutz subdivision and states no CDD. How is that is possible when they have a huge community pool area?
@MelanieLovesTampaBay
4 жыл бұрын
R House Hi there! It’s possible but the HOA fees are probably higher than they would be in a cdd community. Which community? I’ll double check for you
Is CDD tax deductible?
I have a question. I see a lot of mobile homes for sale for between 5k-15k. What’s the deal there? A lot of them seem to be 55+, but there are also a lot that aren’t 55+. Why are mobile homes dirt cheap to buy in the Tampa Bay Area? Pinellas county to be specific. I own a house in Missouri but I’m thinking about selling it to move to that area and I’m skeptical about that. Seems like a scam.
@MelanieLovesTampaBay
4 жыл бұрын
I am sorry but I can't help you on this one. I have never worked in the mobile home market but I would be very skeptical about anything that sounds too good to be true. There are agents that specialize in mobile homes...I would look for knowledgeable representation before making any decisions.
Can you show homes with in laws spaces with kitchen.
@ilsamartinez347
4 жыл бұрын
Oh by the way Love all the information Thank you .
Can a community try to impose a cdd in a community that did not originally have one?
@MelanieLovesTampaBay
11 ай бұрын
Hi 👋🏼 That is a really great question. I am not 100% sure, but I have never heard of that happening. It seems like it would be easier for a neighborhood to raise HOA fees or impose a special assessment if they needed money for an upgrade.
2000/ year ???
@MelanieLovesTampaBay
5 жыл бұрын
Cefims Soas Yes, per year!
Thank you!