Many prospective homeowners and current homeowner do not know that the property they are about to purchase is part of a Community Development District or better known here in Florida as a “CDD”. So what is a “CDD”? A community development district is an independent special‐purpose unit of local government, most often established at the request of a developer or landowner with governmental approval. The CDD provides for basis infrastructure for new developments. There are 2 very important facts that you need to know about CDDs: (1) the impose assessments which may be collected through the tax collector office or directly by the management company selected by the CDD’s board; (2) these “assessments” run with the land like property taxes and the CDD’s Board can foreclose if they are not paid. If the assessments are not collected through the tax collectors office, you need to make sure that you contact the CDD’s Board immediately to inquiry about the additional financial responsibility you will have when you purchase real property within a CDD. Failure to find out, may cost more than what you bargained for.
Is your property part of a Community Development District (CDD)?
