Visitors may navigate here to review our community's Assessment. The dropdown below includes the "Resolution 2012-03" Adopted by the Seven Oaks CDD Board of Supervisors on November 9th 2011 (which discusses Assessment Methodology). The dropdown also includes the District Operation and Maintenance Assessments ("O&M Assessments") and the District Debt Assessments which are explained in more detail below.
District Operation & Maintenance Assessments:
The operation and maintenance assessments ("O&M Assessments") is a component of the non-ad valorem assessments property owners (within the District) will see on their annual tax bill from Pasco 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 Pasco County, Florida. After a minimum of 60 days after the submittal to the County, the District must conduct at least one 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.
O&M Assessments fiscal years run from October 1st through September 30th of each year. 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.
District Debt Assessments:
The Series 2011 Bonds, Series 2016A Bonds and Series 2016B Bonds and associated interest are payable from and secured by non-ad valorem assessments levied against the lands within the District that benefit from the design, construction and/or acquisition of the improvements (“Debt Assessments”). The Series 2011 Bonds mature on May 1, 2033 and the proceeds were utilized to refund the Series 2001 Bonds which were originally issued to fund a portion of the Series 2001 Project. The Series 2016A Bonds mature on May 1, 2034 and the Series 2016B Bonds mature on May 1, 2035. The Series 2016A Bond proceeds were utilized to refund the Series 2003 Bonds which were originally issued to fund a portion of the Series 2003 Project and the Series 2016B Bond proceeds were utilized to refund the Series 2004 Bonds which were originally issued to fund a portion of the Series 2004 Project.
The District’s Debt Assessments and operation and maintenance assessments (discussed below) may appear on that portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and will be collected by the Pasco 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 provided chart depicts the annual assessment amounts of the Series 2011 Bonds, Series 2016A Bonds and the Series 2016B Bonds. The annual assessments for each lot/unit type are used to repay its respective debt. The Series 2011 Bonds, Series 2016A Bonds and the Series 2016B Bonds encumber all lots/units within the District, not including any lots that have had their Debt Assessments paid off. It is important to know that the Debt Assessment is a fixed amount and will not change from year to year.
Bond Payoff Request:
Debt Assessments may be prepaid in full at any time by landowners. Actual pay off figures must be requested and verified in writing by the District Manager. Our District Manager's "Official Contact Info" can be found HERE.
(Click HERE to view the Chapter 190 Community Development District Statutes)