What is the purpose of the Stoneybrook West CDD?
The District was created to finance and manage the acquisition, construction, installation and equipping of a master stormwater system, primary roadways, a potable and sanitary sewer system, undergrounding of lines for electric/lighting and landscape/irrigation, and common area improvements within the boundaries of the District, as described in the engineering reports.
Why do I pay assessments, how are they determined, and what can I expect to pay annually?
All landowners will 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. “Non-ad valorem” means these assessments are not based on property values, as opposed to how your ad valorem real estate property taxes are determined.
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 adopt the budget and levy the operations and maintenance assessments. Included in the operations and maintenance assessment is your pro-rata share of the annual costs to administer the District.
The Stoneybrook West CDD has issued two bond series: Series 2005 special assessment bonds and Series 2008 refunding bonds (refunded the Series 2000 bonds) for the benefit of public infrastructure and facilities for all properties within the District. All Series of 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 Luvinia LaCap at Luvinia.LaCap@inframark.com.
For those homeowners choosing not to pay down the debt assessment early, you will pay this assessment only for the period of time that you own your home, or until 2035 (for Series 2005) or 2032 (for Series 2008), whichever is sooner. If you sell your home before the 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 aft an advertised public hearing. 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. The budget for fiscal year 2014 shows all assessment by product type. Click here for the budget page.
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 be paid from your escrow account.
When is the next election for Supervisors?
The next General Election will be November 2016 for Seats 4 and 5. All terms for four years. To qualify, you must be a resident and registered voter within the Stoneybrook West CDD. Visit the Orange County Supervisor of Elections at www.ocfelections.com for qualifying information, to see a list of candidates for CDD Supervisor, as well as other elections information.
What is the difference between the CDD and the property owner’s association?
The basic difference between the two is the CDD is a public entity, responsible for the common areas within the District, and the POA is a private entity, responsible for all private areas within the community, including covenants violations and restrictions.
When and where are CDD meetings held?
The schedule of meetings of the Board of Supervisors for the current fiscal year is available on the Board Meetings page.