Inside Naples Reserve, the Phase You Buy Into Shapes Your Bond Bill

A Naples Reserve property tax bill has a line that the "HOA fee" field on a listing never shows. It's the Community Development District assessment. It has two parts. One is the same for every home in the community. The other used to depend on lot width. Since 2025 it also depends on when your neighborhood was built.

The Naples Reserve Community Development District is an independent special-purpose local government. Collier County created it by Ordinance 08-37 on July 29, 2008. It covers about 688 acres and finances and maintains infrastructure that includes the stormwater and water and sewer systems. It runs on an October 1 to September 30 fiscal year, so the FY2027 budget is the one in effect now. In that budget, all 1,088 homes pay the same General Fund assessment of $678.54, which is the operating and maintenance share. The debt service portion is where homes start to differ.

Before 2025, Lot Width Set the Debt Bill

For FY2025, the district's projected assessment table split the community into two bond groups. Parrot Cay, Sparrow Cay, Savannah Lakes, Egret Landing and Mallard Point were on the Series 2014 bonds. Coral Harbor, Canoe Landing, Crane Point, Bimini Isles, Sutton Cay and Half Moon Point were on the Series 2018 bonds.

Even with two separate bond issues, lots of the same width carried the same debt charge. A 53-foot lot in Egret Landing and a 53-foot lot in Half Moon Point each paid $1,041.67. Savannah Lakes and Sutton Cay each paid $1,145.83. Sparrow Cay and the Canoe Landing, Crane Point and Bimini Isles group each paid $1,250.00. A buyer comparing two homes of similar size didn't need to think about phase.

The FY2027 budget shows that this is no longer true.

For FY2027, an Egret Landing owner pays $173.62 less in debt service than a Half Moon Point owner on a lot of the same dimensions. The Sparrow Cay comparison stands out more. That 78-foot lot now has a total CDD assessment of $1,720.20. That's one cent less than the 53-foot lots in Half Moon Point, and $208.34 below the slightly narrower 76-foot lots in Canoe Landing, Crane Point and Bimini Isles.

The 2025 Refinance Split the Pairs

The gap comes from a refinancing decision the district made in 2025. The timeline is in its meeting minutes and budgets:

1. March 13, 2025. FMSbonds, the underwriter on both the 2014 and 2018 issues, presented a plan to the CDD board. The Series 2014 bonds had been issued at 5.625% to help pay for water, sewer and roadway improvements in the first phase, and they could now be called and refinanced. The firm projected annual savings of about 13.44% for each home under that series and about $1.4 million over 20 years. The new bonds would keep the original maturity.
2. May 8, 2025. The board approved Resolution 2025-04 authorizing $5,685,000 in Series 2025 refunding bonds as a direct placement with SouthState Bank. The minutes describe a proposal to refinance at 4.40% over 20 years.
3. FY2026 budget. A Series 2025 bond schedule appears, totaling $5,685,000 at a 4.400% coupon. Parrot Cay's debt service drops from $1,458.33 to $1,215.26.
4. FY2027 budget. The lower Series 2025 figures stay in place for all five first-phase neighborhoods. The Series 2018 figures are the same as they were in FY2025.

Each first-phase neighborhood saw the same proportional cut. Between FY2025 and FY2027, debt service fell about 16.7%: from $1,458.33 to $1,215.26 in Parrot Cay, from $833.33 to $694.43 in Mallard Point, and on the same scale across Sparrow Cay, Savannah Lakes and Egret Landing. According to the March 2025 minutes, the refinancing costs were a fixed $160,000 issuance fee plus a 1.5% underwriter fee, paid from the district's reserve fund.

The later phase wasn't part of the refinance. The same minutes say the 2018 bonds "will not be callable until 2028."

What 2028 Does and Doesn't Mean for the Later Phase

The 2028 date matters if you're comparing Half Moon Point, Sutton Cay, Coral Harbor, or Canoe Landing, Crane Point and Bimini Isles with the older neighborhoods. It's the first year the district can refinance the Series 2018 bonds. It isn't a scheduled refinance, and the documents don't commit the district to one. The 2025 refinance came after the earlier bonds became callable and went through two board meetings. Under the current schedules, the Series 2018 bonds make their final principal payment on November 1, 2048. The Series 2025 bonds make their final principal payment on May 1, 2045.

The later phase is also the larger one. The four Series 2018 groups add up to 591 homes: 178 in Coral Harbor, 183 across Canoe Landing, Crane Point and Bimini Isles, 101 in Sutton Cay and 129 in Half Moon Point. The five Series 2025 neighborhoods add up to 497. So more than half the homes in Naples Reserve still pay a debt charge based on the original 2018 terms.

Coral Harbor is a separate case. Its 34-foot villa lots carry $708.33 in Series 2018 debt service, for a FY2027 total of $1,386.88. Mallard Point's 40-foot lots, refinanced, total $1,372.97. At the smallest lot sizes, the two phases end up only a few dollars apart.

Reading the Line on a Specific Home

The operating share moves every year for every home at once. The General Fund assessment was $667.08 in FY2025, $717.36 in FY2026 and $678.54 in FY2027. As a result, the FY2027 total for every subdivision is $38.82 below its FY2026 total, and the debt service figures didn't change between those two years.

When you look at a particular home, a few checks help connect it to the district's own tables:

• Identify the subdivision. The debt charge is set by subdivision and bond series, so the street address matters more than the general Naples Reserve label.
• Look at the year on the tax bill. The district's FY2025 assessment table shows the pre-refinance debt figures for first-phase homes.
• Don't count on lot width to match costs. Two 53-foot lots can now differ by $173.62 a year. A 78-foot lot can cost less than a 53-foot lot.
• Count the HOA separately. The homeowners association bills its own quarterly assessments, due January 1, April 1, July 1 and October 1, according to the Naples Reserve HOA FAQ. The HOA's landscape service covers common areas and all 1,088 lots, with preserve areas excluded.
• Ask villa owners about reserves. Reserve funding for the villas is collected quarterly as part of the HOA fee, and villa owners vote on it each October during the budget process.

All of the district documents above are posted on the Naples Reserve CDD website, including the FY2027 adopted budget, the FY2025 assessment table and the March 13, 2025 minutes with the refinance presentation.

Questions Buyers Ask About the Naples Reserve CDD

Is the CDD assessment the same thing as the HOA fee?

No. The CDD is a local government district, and its assessments appear on the property tax roll as "on-roll" charges. The HOA is a separate association with its own quarterly billing.

Which neighborhoods benefited from the 2025 refinance?

Parrot Cay, Sparrow Cay, Savannah Lakes, Egret Landing and Mallard Point. In the FY2027 budget, those five are marked as subject to the Series 2025 bonds.

When are the final principal payments scheduled?

According to the FY2027 debt schedules, the final principal payment is May 1, 2045 for the Series 2025 bonds and November 1, 2048 for the Series 2018 bonds.

This post is general information drawn from published district and association documents, not legal, tax or financial advice. Please confirm how any assessment applies to a specific property with the appropriate professional.

If you're weighing a first-phase Naples Reserve home against one in a later phase, Sunrizon Realty can help you compare homes and the district's budget figures. Contact us when you're ready to compare.