On August 18, 2026, the Two Rivers West Community Development District board adopted its fiscal year 2027 budget by a 5-0 vote. In the per-unit schedule presented at that hearing, the operations and maintenance assessment on every home type in the district rose 29.36%. The debt service portion did not change. During the same weeks, builders across Pasco County advertised mortgage rates well below the market. Lennar offered 3.99% in the Tampa area, and Park Square offered 4.99% at Tamarack at Two Rivers, which sits inside that district.
Put those two facts together and you get the main point for anyone comparing a new build with a resale home in Pasco right now. Builder incentives lower your costs in the first two to five years. A CDD assessment runs until the early 2050s, and the maintenance portion is decided again every year by a district board.
What Two Rivers West Adopted for FY2027
Two Rivers West covers about 1,641.903 gross assessable acres. About 2,185 detached homes, villas and townhomes are planned at buildout. A July 2025 community roster put several villages in the West district: Tamarack, built by Park Square Homes and William Ryan Homes; Ryals Field and Fairwood, built by Homes by WestBay; Delyle, built by Pulte; Shortgrass, built by M/I Homes; and Hammock, built by D.R. Horton, Pulte and Taylor Morrison. Builder lineups may have changed since then. The name "Two Rivers" alone also doesn't tell you which district a home is in, because the same roster splits the villages into North, West and East groups.
Here is the per-unit schedule for Assessment Area One, the Series 2022 phases:
| Product | O&M FY2026 | O&M FY2027 | Debt Service (both years) | Total FY2026 | Total FY2027 |
|---|---|---|---|---|---|
| Twin Villa 42.5' | $1,224.22 | $1,583.60 | $1,728.26 | $2,952.48 | $3,311.86 |
| Single-family 50' | $1,443.66 | $1,867.45 | $1,728.26 | $3,171.92 | $3,595.71 |
| Single-family 60' | $1,732.39 | $2,240.94 | $2,073.91 | $3,806.30 | $4,314.85 |
| Single-family 70' | $2,021.12 | $2,614.43 | $2,419.56 | $4,440.68 | $5,033.99 |
On a 50-foot lot, the total comes to about $300 a month for FY2027. That is about $35 a month more than last year, and every dollar of the increase came from the maintenance line. The Series 2023 and Series 2024 areas follow the same pattern. Their O&M rates match, and their debt service stays flat. The district posts these schedules on its own site, tworiverswestcdd.com.
Why One Line Held and the Other Jumped
The two parts of a CDD bill work in different ways. Debt service repays the bonds that paid for roads, drainage and amenities, and it follows a fixed amortization schedule. In Two Rivers West, the Series 2022 bonds have their final principal payment on May 1, 2053. Series 2023 runs to November 1, 2053, and Series 2024 to May 1, 2054. This line is predictable for decades.
Operations and maintenance pays for landscaping, ponds, amenities and the district's vendors, and it gets rebuilt every budget cycle. The cycle that just ended shows how much it can move. On August 13, 2026, District Manager Angel Montagna of Inframark sent property owners a letter explaining that state rules require the district to send Pasco County a "not-to-exceed" budget by June 15. That ceiling allowed an increase of up to 48.37%, or $593 to $978 per home depending on product type. The letter said the board's goal was to bring the increase down to "at least 32%, if possible." The same letter said the budget "prioritizes the maintenance of existing assets" and was meant to prepare future boards and residents "for the fiscal realities of operating and sustaining a growing community."
The board went further than that goal. According to the hearing minutes, Montagna presented the budget as a 25% increase after cuts, bringing the total down from $4,847,770.00, which would have been a 47% increase, to $3,858,014.47. Residents who spoke raised concerns about transparency, vendor contracting and the bid process. The minutes describe the whole budget as up 25%, while the per-unit table shows a 29.36% increase in O&M. For a buyer, the per-unit table is the figure that appears on the tax bill.
None of this means anything went wrong. It is how a CDD operates. Assets age, contracts get rebid, and the people paying for the next budget are the ones who live there.
The Incentives Work on a Different Timeline
Builder offers are set up to save you money early, and the CDD runs long. Once you see that, the comparison changes.
Lennar's Tampa-area promotion was an FHA 5/1 ARM at 3.99%, or 5.878% APR, fixed for the first five years. Starting in year six, the rate adjusts once a year. The offer also included up to $25,000 off select homes and up to $5,000 in flex credit that could go toward closing costs, HOA/CDD fees or a price reduction. It applied to purchase agreements signed from September 30 through October 4, 2026, and the financing and closing-cost pieces required Lennar Mortgage. In Dade City, Lennar listed move-in-ready homes at Hilltop Point for $279,400 and $288,900, each marked down by $25,000. Hilltop Point is also a CDD. Pasco County Ordinance 2021-25 created it, effective January 11, 2022, and its FY2027 final budget was posted on August 26, 2026.
At Two Rivers West's FY2027 rate for a 50-foot lot, a $5,000 flex credit would cover a little under 17 months of CDD assessments. The bonds run more than 25 years beyond that.
At Tamarack, Park Square advertised 4.99%, or 5.995% APR, plus special closing costs on select to-be-built homes, and described reduced initial payments for two years. In Wesley Chapel, M/I Homes priced quick move-in homes at Chapel Crossings well below their original list prices. A Newport II at 5663 Maydale Avenue, ready now, dropped from $719,850 to $574,850. A Coronado II at 5587 Maydale Avenue, with an estimated move-in date of October 31, 2026, dropped from $765,690 to $649,690. M/I also offered a 5.875% rate, or 6.095% APR, on a 30-year fixed conventional loan for select quick move-in homes that close by December 31, 2026. Chapel Crossings has its own CDD, and its FY2027 budget was adopted with a date of August 17, 2026.
Builders say openly that they use incentives to compete on payment. On Lennar's September 17, 2026 earnings call, management said sales incentives were about 12% of deliveries. They described targeted rate buydowns and closing-cost help as tools for buyers who qualify based on their monthly payment. D.R. Horton's July 21 call put the average rate for its mortgage buyers at 4.9%, compared with a market rate of about 6.5%.
A Resale Price Cut Lowers Every Payment
On the same Lennar call, management said the resale market was becoming more competitive, especially in Texas and Florida, and that resale price cuts compete directly for Lennar's buyers. Pasco's resale numbers show the room sellers are working in. In August 2026, the West Pasco Board of REALTORS® recorded 395 sales at a $387,364 average sale price, a 98% sale-to-list ratio, 1,967 active listings and 4.98 months of inventory. In the price ranges that overlap with entry-level new construction, the same report showed 68 sales and 296 listings between $250,000 and $299,999, and 41 sales and 255 listings between $300,000 and $349,999. An MLS four-week report for Pasco single-family homes, current as of October 1, 2026, logged 120 price decreases and 12 increases in its first daily-change table.
A price reduction on a resale home is permanent. It lowers the loan balance, so the savings apply to every payment for the life of the loan. A buydown lowers the rate for a set period. That difference in timing matters most for buyers who expect to stay longer than the promotional period, and the CDD bill keeps running regardless of which incentive you choose.
How to Run the Comparison Before You Sign
- Identify the exact district. In Two Rivers, the village decides whether you are in North, West or East. Pull the parcel's non-ad valorem assessments and match them to the district that levies them.
- Separate the two lines. Find the district's current per-unit schedule for your lot width, and write down O&M and debt service separately. Debt service tells you a fixed cost. O&M tells you a starting point.
- Note when the bonds end. In Two Rivers West, that's 2053 or 2054, depending on the assessment area.
- Read a recent budget hearing. The August minutes and the June not-to-exceed letter show how much the O&M line can swing and what costs are pushing it.
- Price the incentive for year three and year six. Ask what your payment looks like after Tamarack's two-year reduced period ends, or after the five-year fixed period on an ARM like Lennar's promotion.
- Compare that with a resale price reduction. Use the same loan program and add in whatever assessments the resale home carries.
This is a framework for comparing homes, not financial advice. Rate and loan decisions belong with your lender.
Quick Answers
Can a builder's flex credit pay CDD fees?
Lennar's fall promotion allowed its flex credit of up to $5,000 to go toward HOA/CDD fees. The terms are tied to specific dates, so confirm what's in the purchase agreement.
Where can I find a district's current assessment rates?
Go to the district's own website. Florida CDD fiscal years begin October 1, so FY2027 budgets adopted this summer are the current ones. Two Rivers West, Hilltop Point and Chapel Crossings all post their budget documents.
When will newer market numbers come out?
Florida Realtors plans to release September and third-quarter data on Friday, October 16, 2026, on its market data page.
If you're comparing a buydown offer at Two Rivers, Chapel Crossings or Hilltop Point with a resale home down the street, Hall Way Home can help you put both sides on one page, with each district's assessment schedule and each incentive's terms set out year by year, before you sign anything.
