Moving to Tampa or PCS to MacDill AFB? Best Neighborhoods in Tampa?

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The Tampa Real Estate Market, especially homes in the Tampa suburbs, has a unique “fee”, or “tax” that out-of-town buyers are unfamiliar with. That is, what is known as a “CDD fee”. If you are looking for a newer home in the Tampa area, chances are good that you will buy a home in a community with a CDD fee, since some of the best neighborhoods, in the best school districts in Tampa, have CDD fees.   What, exactly,  is a CDD fee?” Since that term is very unfamiliar to most buyers who are moving to Tampa from other cities, here is a brief explanation of CDD fees.

A CDD is short for Community Development District, which finances and manages community developments.

Tax-Free Bonds are issued to the developer to finance the cost of building the infrastructure of a development, including roads, utilities and many amenities including, pools, clubhouses, tennis courts, golf courses, etc. Homeowners in the development pay the costs of the CDD over the span of 15 to 30 years. There are a number of communities with CDD fees in Tampa, and throughout the State of Florida, so if you are looking for real estate in Tampa, or anywhere in Florida, you should know about these fees.

Can CDD fees go up? Yes. The CDD fees appear on the homeowners tax bill. Each Community has a CDD board, initially appointed by the developer, which decides whether to include additional assessments into the CDD fee. If a community decides to do additional landscaping, revamp the golf course, add gates, or any other amenities, those costs may be added to the existing CDD fees. That would increase a total tax bill and increase the escrow required by your lender.

What can you do if you live in a community with a CDD fee? Stay informed. Know who the members of the CDD board are and attend any meetings regarding CDD fees.

Looking for the “best” neighborhood in Tampa?

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For assistance in finding a house in Tampa, or any of the surrounding suburbs, or any questions about the Tampa Real Estate market, please contact me. PCS to MacDill AFB or Moving to Tampa?