Each November, a Walton County property tax bill shows up in Hammock Bay mailboxes. Every one carries the usual ad valorem taxes. Some also carry a second charge from the Hammock Bay Community Development District, a few hundred dollars for operations, and on some lots a bond payment that brings the yearly total close to $1,000 or past it. Two homes with similar floor plans, a few minutes apart by golf cart, can get noticeably different bills. The listing price won't tell you which kind of house you're looking at.
The gap comes from a road name, a 2004 bond issue, and whether a lot's share of that debt was paid off at closing.
Great Hammock Bend Is Also a Financing Line
Hammock Bay started in 2004, when Freeport 860, LLC bought 3,000 acres approved for more than 6,000 residential units, according to the Hammock Bay CDD's own history. That November, the district sold $6,345,000 in Series 2004A bonds and $10,810,000 in Series 2004B bonds. The money paid for roads, utilities and drainage in Phase 1, defined as 499 single-family lots east of Great Hammock Bend.
Phase 2 was built differently. The district says it "did not issue similar debt" for those improvements, and that the developer built and paid for them instead. So the bond payment in this community depends on geography. Lots east of the Bend share in the bond. Lots in Phase 2 have no district debt line for those improvements.
The second factor works lot by lot. The district's FAQ says the developer prepays a significant portion of the capital assessment at closing. That's how two Phase 1 neighbors can end up with different bills even though both sit inside the bond area.
What the FY2027 Schedule Actually Charges
The district adopted its FY2027 budget on May 28, 2026, for a fiscal year that runs October 1 through September 30. Of the 504 units on its assessment schedule, 293 still carry a debt-service assessment. The debt amount depends on a lot-size value:
| Lot-size value | Debt service | O&M, debt-paying unit | Annual total, with debt | Annual total, no debt |
|---|---|---|---|---|
| 60 | $526.88 | $173.30 | $700.18 | $151.15 |
| 70 | $616.45 | $173.30 | $789.75 | $151.15 |
| 80 | $700.76 | $173.30 | $874.05 | $151.15 |
| 100 | $879.89 | $173.30 | $1,053.19 | $151.15 |
| 110 | $964.19 | $173.30 | $1,137.49 | $151.15 |
The 80 row has the most units: 149 on the schedule, with 103 still paying debt. On a typical Phase 1 lot, the gap between a debt-paying home and one without debt is about $723 a year. The O&M charge was the same in FY2027 as in FY2026, so the bond accounts for nearly all of the difference. The budget notes that these figures include a 2% collection cost and a 4% early-payment discount.
The CDD bill doesn't pay for the pools. The district describes itself as having "no physical assets." Its main job is paying off the infrastructure debt. The amenities, including two zero-entry pools, a 10,000-square-foot clubhouse, an event center, sports courts and the trail network, appear on the community's amenities page. The Hammock Bay HOA handles its own budget separately. Owners get association documents through a private owners' website, and the community's resources page lists a management contact for access. HOA dues are a separate line from the CDD charge, and you'll need to ask for them.
A Debt With a Countdown
This line item is unusual because it has a set end date. In 2016, the district refinanced the remaining 2004A bonds with a $3,175,000 refunding note, which cut the Series 2004 assessments by 21.255% a year. The 2004B bonds are already paid in full. The FY2027 amortization table shows the final $200,000 principal payment due May 1, 2035.
That's about eight and a half years from the start of the current fiscal year. If you buy a debt-paying Phase 1 home this fall, you're taking on a cost that ends on a schedule, unlike insurance or HOA dues. After the note is retired, what remains is the operations charge, which the board sets each year. The district says that charge can change with each adopted budget.
The same logic works for sellers. Each year that passes leaves fewer bond payments for the next owner. A Phase 1 home listed in 2033 carries much less remaining debt than the same home listed today, even though the yearly figure on the tax bill may look about the same in both years.
The Builder Down the Road Is Selling a Rate
Fixed costs like these matter more when borrowing is expensive. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed average at 7.40% as of October 15, 2026, up from 6.27% a year earlier. Prices in the region kept rising anyway. Florida Realtors' September 2026 report put the single-family median for the Crestview–Fort Walton Beach–Destin metro, which covers Walton and Okaloosa counties together, at $454,325 for September 2026. That's up 7.0% year over year, on 550 closings. For Q3 2026, the metro median was $445,000 on 1,810 closings.
Hammock Bay's newest sections compete in that environment, and they compete on financing as much as on price. DSLD markets Bird Song and Starburst at Hammock Bay as last opportunities. Bird Song lists 16 quick move-in homes in a stated range of $424,990 to $538,990. Its fall offer advertises "an initial rate as low as 4.99% (7.93% APR) on FHA, RD, and VA loans with a 2/1 buydown." It adds up to $12,000 toward a buydown or closing costs and free window blinds, for contracts written by October 31 that close by December 31. The rate in the headline is the starting rate. The 7.93% APR printed beside it is the better number for comparing loans. Terms like these change quickly, so treat this offer as an example of the pattern rather than a deal you can count on.
For a Phase 1 resale seller, the competition is that kind of financing package from a builder, while their own listing also comes with a bond line on the tax bill. More new homes are coming, too. SoWal's Freeport roundup, updated August 11, 2026, lists Longleaf with 520 single-family homes and The Exchange at Owl's Head with 300-plus units among more than two dozen projects at different stages of approval or construction. Builders currently selling at Owl's Head include D.R. Horton, with homes advertised from $359,900, and Valor, starting in the $290,000s. As that supply comes online, buyers comparing Freeport homes will see more builder incentives, and an established Hammock Bay home with Prop Craft Brewery and the 1920 replica General Store a short ride away will often be weighed against those offers.
What to Pull Before Writing an Offer
- The district's assessment map. The Hammock Bay CDD documents page links a Hammock Bay Assessment Map. Check which side of Great Hammock Bend the lot sits on. The newest builder sections are worth confirming individually.
- The current tax bill. The district says non-ad-valorem assessments appear on the annual county tax bill. The Walton County Tax Collector takes online payments using the account number printed on the bill, so keep it handy.
- The adopted budget row. Match the lot's size value to the FY2027 schedule so you know whether you're looking at $151.15 a year or something closer to $1,000.
- The HOA's figures. Ask for current dues in writing, because the CDD bill doesn't cover the amenities.
- Two loan quotes, compared by APR. Put any builder's starting rate next to a conventional quote and compare them on the same basis.
Quick Answers
Will a contract tell me about the CDD? Florida Statute 190.048 requires a bold, conspicuous district disclosure right above the buyer's signature on contracts for the initial sale of a parcel or unit inside a CDD. That's the initial sale. On a resale, the tax bill is the clearest record.
Does Florida's property tax disclosure cover this? The tax disclosure summary under section 689.261 deals with ad valorem taxes, not CDD assessments.
Can the remaining debt be paid off early? The district's public pages don't describe a payoff process for individual owners. The district manager is the right person to ask.
This post is general information, not legal, tax or financial advice. Please confirm your own assessments, contract terms and loan options with an attorney, tax professional or lender.
If you're comparing a Hammock Bay resale with a new build down the road, we'll lay out both homes' full yearly costs side by side, including the bond line, the HOA dues and the financing, before you write an offer. Contact Luxury Beach Group to start. Discover Your Beach Life. Schedule a Consultation.
