The District annually collects from property owners within its boundaries both a bond debt service assessment and an operation and maintenance (O & M) assessment. The bond debt service assessment helps amortize the District’s Series 2006A Bonds. The O & M assessment funds the District’s annual O & M activities.
Q: How are District assessments determined?
A. Each property owner will pay an annual assessment, levied on their property tax bills as a non-ad valorem assessment, and based on two component costs. One is the capital amount required to amortize the long-term tax-exempt debt assessed against each lot, parcel, or acre for the public facilities acquired or constructed by or on behalf of the District. The annual assessment amounts vary in relation to the usage, size, and type of the property, and to the infrastructure benefit allocated to the property. The debt assessment remains constant until the bonded debt is retired. As of the approval of the Fiscal Year 2023 Budget, and continuing in Fiscal Year 2024, the Board has opted to not pay annual debt service until clearer direction is established through the judicial system.
The other is an annual assessment for operations and maintenance (O & M) of community properties. The amount varies for all properties depending upon the square footage of each parcel within the community. Each year, the CDD Board of Supervisors advertises for and holds a public hearing to set its budget and the level of assessments. The annual O & M and debt assessments are shown below.
Q: How long do residents of the Clearwater Cay CDD have to pay CDD assessments?
A. Residents are subject to two assessments, a Bond assessment and an Operations and Maintenance (O & M) assessment. Residents will continue to make the O & M assessments, which pay for the ongoing expenses of the District, as long as the community exists. Regarding the bond assessment, currently the amount of remaining bond debt and the maturity date of the bonded indebtedness are still in question before the courts as the bond holders and the Board of Supervisors for the CDD disagree on these two issues. These remain unresolved at this time. As of the approval of the Fiscal Year 2023 Budget, and continuing in Fiscal Year 2024, the Board has opted to not pay annual debt service until clearer direction is established through the judicial system.
Q: Can I pay off the assessment?
A. Yes, once the questions above have been answered, the debt portion may be paid off in full by requesting an estoppel letter, which is a legal document outlining information regarding the current owner’s financial standing in regard to the CDD: what is due and what has not been paid. It also indicates any assessments that are in progress or projected. The preparation of an estoppel letter with a payoff amount has a charge of $150.00 per letter. If you are interested in acquiring an estoppel letter, please contact Calvin Teague at Premier District Management: (239) 690-7100 ext. 101. Please take into consideration that paying off the debt does not eliminate the O & M assessment. That will be levied on the property’s taxes for as long as the community exists. Additionally, a payoff transaction cannot be reversed. As of the approval of the Fiscal Year 2023 Budget, and continuing in Fiscal Year 2024, the Board has opted to not pay annual debt service until clearer direction is established through the judicial system.
Q: How is the assessment collected?
A. Assessments are collected uniformly by the Pinellas County Tax Collector as a “non-ad valorem” assessment on your county tax bill and are paid directly by the owner or via a mortgage holder escrow, beginning November 1st of each year.
Fiscal Year 2024 Assessment Table
|Unit type||Size (ft)²||Subdivision||FY 2023 O & M||FY 2023 Debt *||FY 2023 Total||FY 2024 O & M||FY 2024 Debt *||FY 2024 Total||% Change|
|Vault Office Building||11,556||$3,567.36||-||$3,567.36||$4,316.49||-||$4,316.49||21.0%|
*FY 2023 and FY 2024 Debt Assessments: the Board has opted to not pay annual debt service until clearer direction is established through the judicial system.