Assessments

The Belmont Community Development District (“District”) is authorized to determine, order, levy, impose, collect, and enforce special assessments pursuant to Chapter 170, 190 and 197 of the Florida Statutes. Such special assessments may, in the discretion of the District, be collected and enforced pursuant to among others the provisions of ss. 190.021, 190.022, 197.3631, 197.3632, and 197.3635, Chapter 170, or Chapter 173.

 

District Operation & Maintenance Assessments

 The operations and maintenance assessment (“O&M Assessment”) is the first component that makes up the non-ad valorem assessments property owners within the District will see on their annual tax bill from Hillsborough County.

O&M Assessments are based on the District’s Operations and Maintenance Budget, which is adopted annually. This is the budget that deals with the day in, day out needs of the District for the administration and operation of the District’s facilities and infrastructure. The District follows the budgeting process proscribed by section 190.008, Florida Statutes.

As part of this process, the District must annually adopt a proposed Operations and Maintenance Budget prior to June 15th and transmit the same to the Clerk of the Board of County Commissioners of Hillsborough County, Florida. After a minimum of 60 days after the submittal to the County, the District must conduct a public hearing to allow for public comment and testimony relating to the proposed Operations and Maintenance Budget. After the public hearing, the Board of Supervisors may adopt the Operations and Maintenance Budget and levy the assessments necessary to fund that adopted Operations and Maintenance Budget.

The link below is to the chart which depicts the O&M Assessment for the current Fiscal Year, which runs from October 1, 2014 through September 30, 2015. It is important to know that O&M Assessment may change from year to year, depending upon the annual Operations and Maintenance Budget adopted for a given fiscal year.

O&M and Debt Budget Assessment Table FY17-18

District Debt Assessments

The Series 2006B, Series 2013 and Series 2016 Bonds and associated interest are payable from and secured by non-ad valorem assessments levied against those lands within the District that benefit from the design, construction and/or acquisition of the improvements (“Debt Assessments”). The Series 2006B Bond matures on November 1, 2020 and the Series 2013 Bond matures on November 1, 2043. The Series 2016 Bonds were issued as two separate liens: the Series 2016A Bonds and the Series 2016B Bonds. The Series 2016A Bonds mature on November 1, 2046 and the Series 2016B Bonds mature on November 1, 2035. The Series 2006B Bond proceeds were utilized to fund a portion of the Series 2006 Project and the Series 2013 Bond proceeds were utilized to fund a portion of the Series 2013 Project, with both projects being a portion of the District’s total Capital Improvement Program. Together, the Series 2016 Bonds were utilized to fund a portion of the Series 2016 Project, also a portion of the District’s total Capital Improvement Program.

The District’s Debt Assessments and operation and maintenance assessments (discussed above) may appear on that portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and will be collected by the Hillsborough County Tax Collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The District may also elect to collect the assessment directly.

The link below is to the chart which depicts the annual assessment amount of the Series 2006B, Series 2013 and Series 2016 Bonds. The annual assessments paid by each lot/unit type are used to repay their respective debt.  It is important to know that the Debt Assessment is a fixed amount and will not change from year to year.

O&M and Debt Budget Assessment Table FY17-18

Bond Payoff Request

Debt Assessments may be prepaid in full or a one-time partial payment at any time by landowners, subject to the Trust Indenture. Actual pay off figures must be requested and verified in writing by the District Manager.

Click here to request bond payoff information.