Home Buying in 92880>Question Details

abdulmn, Home Buyer in Corona, CA

Is Threre monthly melloroos for prpertiesin 92880 Zip Code area?

Asked by abdulmn, Corona, CA Sat Jan 14, 2012

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4
Jory Blake’s answer
Yes indeed, the high assessment pays for the awesome parks,schools ect. Still a tremendous value if you need a lot of square footage and newer home.

I have some nice listings in 92880... Please call me when interviewing agents.
0 votes Thank Flag Link Sun Jan 15, 2012
abdumn
Mello Roos and assessments are not city by city or zip code by zip code.
they are by development.
Yes it is common for mellow roos in the 92880 zip code.
for more info you can check with the riverside tax assessor
https://taxpayments.co.riverside.ca.us/Search.aspx


Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomebuying.org
http://www.socalhomebuying.org
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Sat Jan 14, 2012
Hi Abdulmn,
To directly answer your question, many homes in that zip have mello-roos tax. I think most consumers confuse mello-roos with special assessments. Pretty much you have 3 types of taxes on your home:
1. The base tax: This varies in CA from about .9 to 1.5 depending on where you are. Corona tends to be
on the low side about 1.1 for thebase in most areas (stays forever) Based on your sale price!
2. Special Assessments: This is for anything from street lights to schools (stays usually forever)
3. Mello-Roos: This is a tax to build new stuff, like parks and police stations, fire stations general stuff.
This tax has a definate ending period and can vary; however you will know how long it is (15-30) 30
years is the longest I have seen and only once. don't remember exactly where Orane County somewhere
The reason it varys so much is because it depends on how much of that tax the buider paid and built in
to the price of the home originally.

Hope that helps you,
Have a great day,
Connie Bramble
714-337-8718
0 votes Thank Flag Link Sun Jan 15, 2012
The extra taxes you pay are due with the normal property taxes. If you get a loan that is pounded, then yes, you'd pay them monthly. However, if u buy a home with all cash or put down enough to be eligible to not impound your taxes then you can pay them twice a year. I live in eastvale myself. The total taxes including the special assessments that are charged equal normally to 1.4-2% of the assessed value of the home. Each home is going to vary. Before youake an offer you should look to make sure the taxes are not going to make your payments more than you want to pay if you are looking at the higher end of your budget . Good luck!
0 votes Thank Flag Link Sun Jan 15, 2012
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