Home Buying in 92883>Question Details

Kevin, Home Buyer in 92883

I am thinking of purchasing a new home in Corona (92883), however, the tax rate is 2.2 - 2.4% (which includes all the special assessments). This

Asked by Kevin, 92883 Mon Jan 4, 2010

seems very, very high. Will the taxes go down over time? What should I expect to see with the tax rate so high?



Help the community by answering this question:


A newer home in Corona will always include Special Assessments. Some are Mello Roos. Back in the day, sometime in the 1980s, builders found that they could not build a home and the streets, parks, schools, lights, etc. & make a profit. Some guys named Mello & Roos came up with a creative plan...get a bond/loan to build roads, lights, etc. for a specific area and attach the responsibility to pay it off to the homes built within that area. That way, the houses could be priced competitively, the interest rate on the bond/loan was much less than the mortgage interest rates & it was a win-win.

The first homes in Corona with Mello Roos have already been paid off in the areas of Sierra Del Oro, portions of Corona Hills, & off Ontario & Mangular. The time frame to be paid in full varies from 11 years to 35 years. For instance, in Eagle Glen the Mello Roos are paid off in 2032.

To find out the real "tax rate" & what special assessments are added on after that is figured, go here:https://taxpayments.co.riverside.ca.us/Search.aspx
When working, this site will show you the breakdown. You can also call the assessors office and get the information & payoff dates for any assessments listed.
Web Reference: http://coronasbesthomes.com
1 vote Thank Flag Link Tue Nov 2, 2010
There are older homes is 92883 with lower tax rates. Please call me if you wish to see some.

Mike Carman
Realty One Group
0 votes Thank Flag Link Wed Sep 10, 2014
I'd love to help you. Feel free to contact me through my Trulia.
0 votes Thank Flag Link Tue Aug 19, 2014
Unfortunately, this is the case for many of the newer communities of Corona and Southern California in general. You may save on the price of the home, but taxes will be high, often because of the special assessments that are sometimes referred to as mello roos. The reason for the high taxes is simple in explanation but doesn't remove the pain of paying them. They are present because the community had to build all new infrastructure to accommodate the new population and passed on the building costs via bonds to the city to collect over a certain period of time. With all that being said, you will have the best of pretty much everything in your community, including but not limited to streets, schools, parks etc. If you must have low taxes, try to buy something older or in a different part of the city. Taxes will effect your bottom line and family budget so plan accordingly to avoid any financial issues in the future that may hinder your ability to pay the mortgage and high tax payments.
0 votes Thank Flag Link Thu Aug 14, 2014
This seems a bit high Kevin. Are you looking in Dos Lagos or the Retreat?

Taxes will not go away. Some special assessments will go away over time. Your real estate agent will be able to show you how to see the hows, whys, and whens.

Good luck,

Cameron Novak
Corona Real Estate
0 votes Thank Flag Link Wed Nov 17, 2010
Hi Kevin,
I am also a Realtor who lives and sells homes in Corona.
It sounds like you could also be talking about Sycamore Creek that is off the 15 fwy. Tax assessments last from 20 years to indefinitely. Remember you are paying for all the amenities, new parks, new schools etc. Unfortunately it is something the builder passes on to the New home buyers. There are other lovely parts of Corona that have lower tax rates or the bonds have finally been paid down. :)

Please feel free to call or email me at Lydiakray@tarbell.com

Lydia Kray
Tarbell Realtors
cell 951-733-1058
Web Reference: http://www.LydiaKray.com
0 votes Thank Flag Link Fri Jul 30, 2010
Celeste gives you great advice. I suggest finding an excellent Realtor that can guide you to areas that have lower taxes.

With that said, if you can get a big enough discount on price, the higher tax may be OK if a lower price makes up for it. Property taxes are a tax write-off as well.
0 votes Thank Flag Link Mon Jan 4, 2010
Which area are you thinking about? Eagle Glen is low on HOA and mello roos. You go further down the 15 south, and in the retreat and dos lagos, HOA and special assessments are high. If you would like, email me a specific area you are searching, and I can give you more details about the area. I live here so I know it well. Now, dos lagos and the retreat are both gated communities with golf courses and were built in 2005. They are newer homes.

Email me if you would like and I can tell you how much hoa and special assessments will be on properties.

Celeste Pafford
0 votes Thank Flag Link Mon Jan 4, 2010
hi Kevin,

Welcome to Southern California. I am no longer a resident but am very much aware of your concern. The reason being is the "Special Assessments" aka Mello Roos. The taxes have always been expensive in S. Cal but the Roos are what adds insult to injury. Unfortunately, I wouldn't be able to tell you when those will go away. These assessments are a thorn in everyone who live in these types of communities. I am afraid you are stuck with it for a while. Especially since SC is experiencing the effects of a bad economy, I can't imagine any talk about them going away anytime soon.
0 votes Thank Flag Link Mon Jan 4, 2010
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