PACE ASSESSMENTS - GENERAL INFO
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. A property with a PACE Assessment will have a PACE 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.
The 2021 Property Tax Bill will not be amended following a paydown of a PACE Assessment. The new schedule of payments will take effect in the 2022 property taxes. The property tax bill must be paid accordingly.
What is the minimum amount allowed to paydown?
The minimum amount to paydown is $2,500.00
What needs to be done to receive the Paydown Request Document?
Complete the Online Prepayment Request Form and pay the processing fee online.
FEES AND PROCESSING PAYMENTS
What are the Paydown Document Processing Fees?
Processed within 3 to 5 business days require a $25 fee.
What happens when the payment is processed?
An email confirmation of funds received will be sent to the requestor upon the Florida Development Finance Corporation receiving notification from the Banking institution. Please allow seven to ten days for payments to be processed.