Home Buying in Corona>Question Details

Lucy, Home Buyer in California

How can I find out the total Mello Roos that will be paid on a property? How does Mello Roos work?

Asked by Lucy, California Tue Jun 10, 2008

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Mello-Roos is the common name for the Community Facilities District Act, enacted by the California Legislature in 1982. The name comes from its co-authors, Senator Henry Mello and Assemblyman Mike Roos.

Mello-Roos Districts are good for the community because Proposition 13 (passed in 1978) severely limited the ability of local governments to fund public facilities and services. California has one of the lowest property tax rates in the nation, but the true tax burden in some areas, especially newer neighborhoods, may equal rates typical of other U.S. States.

A Mello-Roos District is a designated area that provides certain public infrastructure and services like streets, water, sewage and drainage, electricity, schools, parks and police protection to new developments. The district sells public financing bonds to pay for the infrastructure and services. The tax you pay is used to make the payments of principal and interest on the bonds.

Here's an excellent pamphlet from Fidelity Title that goes into more detail: http://www.fidelitytitle.net/fastfacts/NewPDF/021_Mello-Roos.pdf

Thanks for the opportunity to answer your question. Feel free to contact me directly at 951-571-9229 or Sean.Giorgianni@gmail.com if there's anything else I can do for you.
Web Reference: http://frclsrtv.com
2 votes Thank Flag Link Wed Jun 11, 2008
Hi Lucy:

The other agents have giving you accurate information, there are other bonds and assessments that can be added to certain properties, but all of them are broken down on the tax bill. There usually are phone numbers that you can call also listed so that you can verify their length and if and how much they can increase each year. Your realtor should provide you with that information once you have identified a home that you would be interested in purchasing.

Good Luck and always make decisions with information.
Diana 909-945-5763
0 votes Thank Flag Link Wed Jun 11, 2008
Hi there Lucy. Yor realtor should be able to get this information for you. Youc an get if from the county Tax assesors web site too. They have an expiration date and you should try to find one that is near maturaity

Hope this Helps
Michael Barron
First team Real Estate
michael-barron@scbglobal.net
0 votes Thank Flag Link Tue Jun 10, 2008
Dear Lucy,

Mello Roos is calculated based on the square footage of the house. Larger the house the more Mello Roos you have to pay. It has expiration data. For example in Ladera Ranch Mello Roos is paid off after 40 years. Usually newer communities have Mello Roos. It is smart to find an area that Mello Roos will be paid off soon. If you go to the county tax assessor 's office web site and if you know the parcel number you can get information about property taxes and the Mello Roos. If you like me to help you with that my email address is homa@homamoaddel.com.

Sincerely,
Homa
0 votes Thank Flag Link Tue Jun 10, 2008
Your Realtor should be able to pull tax information. Mella Roos usually expires after a certain period of time.....the date will be in your disclosure ducuments. In my area, Mella Roos add approx 0.25% to the tax rate. This will vary by area. Good luck - it's a great time to buy!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Jun 10, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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