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.
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.
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.
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.
Read my blogs Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.
Good information for prospective home buyers. Many need to closely watch their budgets.
Roy - Those CDD fees among others do add up! Thanks, have a great week!
Gary - great advice and all those extra costs that buyers don't think about could potentially put them over their budget! Great information and the links with all this information will certainly help potential buyers!
This type of information is always very helpful and sometimes hard to find. I like how you've put all the details in one place. Should trend well on a Google Search. Thanks for stopping by to read and comment today. Enjoy your day!
Kristine - "Those extra costs" will get hem every time! thanks.
Lola - Thanks, Lola. I always like to read your posts!
Gary - it is excellent to point out the "total" costs of living in any area. It is those extra costs that can really "bite" a new home owner and take the joy out of living in their new home.
Gary you have provided some good information and links. The same is true in my area, buyers tend to focus on the taxes but other factors should be taken into consideration.
Barbara - True. And some of these extra costs can vary every year.
Jennifer - Thanks. The big picture is what they should see and sometimes it is us who have to tell them!
Great information for Heritage Isle. Many buyers only consider what the taxes are and forget that there are other expenses involved. The links you provide is another great way to get the full picture of living and buying in the area!
Gary, it is great to know what the costs are "upfront" and, therefore, I would want to know what my total monthly bill would be. You have the information that an accountant or mortgage person would want to know all right there.
Gary, these are very reasonable CDD fees. In our area, CDD fees start at $800 and can go up over $3000.
Sharon
larry & Sheila - Thanks. There is much more sometimes.
Ron - Upfront with no surprises, hopefully. Thanks.
Sharon - CDDs do allow for developmnets to offer nice facilities and services. At a mostly reasonable fee as well. Thansks.
Very informative. I work in 39 condo communities and I often have the same problem with buyers in that they only look at the property tax. There can be so much more.
Jim - So much more...And we have to make them understand. Thanks.