Have you heard of CDD? Some of the general public knows a CDD means an additional tax on a home, but not much else.
The best way to understand a Community Development District is to look at a real life example. The best known example of this are the new homes in the Lake Nona area. Infrastructure needed to create a new community out of nothing was paid for by a CDD. The most visible amenities include roadways, sidewalks, parks, and police/fire stations.
The CDD may impose property taxes, assessments or both on a home and is entirely separate from county property tax or county assessments.
Typically, homeowners pay their CDDs annually over the course of several years - say 10 or 15 years.
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