pace - Frequently asked questions
What is a PACE Assessment?
A PACE Assessment is a voluntary special assessment on the property tax bill that is used as repayment of an improvement on the property through the use of PACE Financing.
PACE Assessments are financed with a form of Bond Financing and are not similar to a traditional loan. The repayment of interest is dependent upon the dates the bond was initiated and paid annually. A PACE Assessment is repaid annually through the property tax bill.
PACE Financing is offered by authorized PACE Program Administrators whom, upon completion of the home improvement, provide the funds as payment to the contractor, who has already entered a home improvement contract with the property owner. PACE Financing is an option to finance the home improvement. Improvements could include roofing, new HVAC system, etc.
The Florida Resiliency and Energy District appears as a Non-Ad Valorem assessment on my tax bill, what does that mean?
This means the property has an improvement (i.e. roofing, windows, solar panels, ect) financed with a PACE Financing Provider. The assessment on the tax bill is the annual repayment of the PACE Financing used to finance the home improvement.
If you have any questions regarding your financing, please contact the PACE Financing Provider:
· Renovate America: 888-338-3578, Option 1
· PACE Funding: 844-873-7223
If you are not sure of the name of the financing company please send an email to email@example.com include your contact information and the property address.
FL HERO Program Inquiries
Please click here for more information regarding the FL HERO Program.
How does the PACE Assessment get paid?
The PACE Assessment is paid through the property tax bill as a Non-Ad Valorem Assessment. If the property has a mortgage, typically the Mortgage Company will pay the property taxes using an "escrow or impound" account.
Can I pay down my PACE Assessment?
Property owners can pre-pay the PACE Assessment at any time, either in full or in a minimum amount of $2500.
Can a PACE Assessment be subordinated?
A PACE Assessment cannot be subordinated. The Lender has the choice to keep the assessment on the property or request it be paid in full at the time of closing.
I am selling my home and I have an active PACE Assessment, what are my options?
The PACE Assessment can remain with the property, as long as the buyer's mortgage company accepts the assessment. In some cases a mortgage company may require full payoff prior to selling or refinancing the property.
I payed off my PACE Assessment in full, why is there a payment due on my tax bill?
A payoff received between the dates of July 1st and March 31st will not amend a current tax bill. The amount reflected on the property tax bill must be paid accordingly. Overpayment amounts larger than $100 will be refunded no later than June 30th. The Annual Administration Fee and current Annual Tax Collection Administration Fee are not refundable.
Does PACE Financing create a lien on my property?
Yes, a property with a PACE Assessment will have a lien recorded in the County of their property titled "Summary Memorandum". The Summary Memorandum will include details on the financed amount and the PACE Administrator (Company) that provided the financing.
What are my options if I no longer want the PACE Assessment on my property?
The single option for no longer using the property tax bill to make an annual payment on the PACE Assessment is to pay the assessment in full. Property Owners can secure an alternate form of financing such as; traditional loans, debt loans, or refinancing that would traditionally repay the debt monthly instead of annually through the property tax bill. Click here to learn more on prepayment requests.
How can I get help with general questions?
If you should have any additional questions please contact us by either sending an email to firstname.lastname@example.org, include your contact information and the property address or
call us at 407-624-5800, Option 9
Office Hours: Monday - Friday 8:30AM to 4:30PM EST
After hours available by appointment