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Thursday, June 23, 2011

Cost of Living in Heritage Isle (and Master Planned Communities)

While discussing costs associated with living in Viera's premier 55+ community Heritage Isle with a caller yesterday afternoon, I realized many prospective buyers fail to understand all the costs associated with living in a master planned community.

Buyers appear to look primarily at the taxes on the property which are based on the assessed value minus all the exemptions.  To understand property tax exemptions in Brevard County, check with the Brevard Property Appraisers Office.

Buyers in master planned communities and developments like Heritage Isle need to look at the other associated costs.

Most prospective buyers understand there will be association dues (around $300 a month in Heritage Isle as well as the other 55+ community in Viera, Grand Isle).

Heritage Isle residents pay an additional assessment with their annual taxes called a Heritage Isle Community Development District.  Property owners in Heritage Isle see this non-ad valorem assessment on their annual property tax bill.  Some of the things the CDD is responsible for are sidewalks, water management, conservation areas, common area landscaping, parks.

The current Heritage Isle CDD is around $866 (single family homes), $628 (villas), and $630 (condos).  There appears to be some variation so check the tax account for specific properties.  Also the CDD budgets annually so there is no permanent set amount.

Here are some links for additional research.

Heritage Isle at Viera Community Development District (CDD)

What does the CDD offer its residents?

"The CDD’s business is conducted in the “Sunshine,” which means all meetings and records are open to the public. Public hearings are held on CDD assessments. and the CDD’s budget is subject to annual independent audit."

By the way, there are other assessments added to your tax bill.  These non-ad valorem fees include solid waste collection, an annual county fire assessment, solid waste disposal assessment, stormwater assessment, and likely others.

Knowing in advance (as much as possible) the costs involved with a Heritage Isle purchase is very important!

When you are ready to buy your Heritage Isle or Grand Isle home, call me at 321-693-3850 or email me.

***The above is presented as general information.  I am not a tax expert, CPA or attorney. 

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