Home Buying in Roseville>Question Details

Erose2k, Home Buyer in Roseville, CA

Mello Roos....do they expire?

Asked by Erose2k, Roseville, CA Tue Jul 17, 2012

Hi there,
I'm interested in purchasing a property in Rocklin but there are Mello Roos tha adds up to $1400 on the house. Do they expire or are they on the tax bill forever? How do I find out?

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John Souerbry’s answer
If I may revise & extend my previous remarks... I don't believe I made my point clearly enough about M-R being "long term."
It absolutely doesn't matter if an M-R bond expires at a certain point, that doesn't mean you get to stop making payments. As I did mention, M-R bonds can be used to fund construction of a public facility, let's say a town hall. However, M-R bonds can also be used to maintain the property once it is built, funding such things as cleaning, maintenance personal and equipment, and so on.
In other words, just because you pay off the initial improvement bond doesn't mean that M-R payments go away. You need to check with the municipality where the property is located to find out if they are using M-R for ongoing operating expenses. If so, those payments - or at least a portion of them - may never go away.
0 votes Thank Flag Link Wed Jul 18, 2012
Usually there is an end date

you or your agent can check on the Placer County Tax Collector site:
http://www.placer.ca.gov/Departments/Tax/Taxes/TaxBillSearch.aspx

Find the bill and the direct charge code/name, then click on the direct charge link and it will display all the contact info for each direct charge, that is who you call to find out details of the bonds and how much time is left.
0 votes Thank Flag Link Wed Jul 18, 2012
Mello Roos are bonds that mature. Typically they are for 15-30 year terms. Mello Roos can sometimes be paid off early which can save the homeowner a significant amount of money if they plan to live in the home for an extended period of time. Your Realtor should be able to research the Mello Roos for the home that you are interested in.
0 votes Thank Flag Link Tue Jul 17, 2012
Hi

They are normally paid with your property taxes. Most bills will show a phone number to call for the mello roos to get information on when they expire. But they do eventually expire. Hope that helps.

Tony Kirk
Kirk Real Estate
916-787-5475
DRE#01014549
0 votes Thank Flag Link Tue Jul 17, 2012
They are normally paid with your property taxes. Most bills will show a phone number to call for the mello roos to get information on when they expire.
Good luck,
0 votes Thank Flag Link Tue Jul 17, 2012
M-R can be used either for capital construction projects or for on-going maintenance and services. The only way to find out is to obtain a copy of the M-R documents that pertain to the property you want to buy. M-R was specifically put in place to get around the tax restrictions of Prop 13 and most communities use them to fund regular operating expenses for the long term.
0 votes Thank Flag Link Tue Jul 17, 2012
They typically expire after 15-20 years
0 votes Thank Flag Link Tue Jul 17, 2012
If you GOOGLE;

"rocklin, ca. melo roos"

you will have your answer.
0 votes Thank Flag Link Tue Jul 17, 2012
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