2017-2018 Property Tax Bills are out!

[jyeh74]

Can melloroos increase by 23% over 3 years? 
I am adding up everything but the "Basic Levy Tax"

We started at $4,700 Then next year, it increased to $5,400 (16% increase) and this year it increased to $5,800 (7% increase)
From $4,700 to $5,800, that is a 23% increase in 3 years.  Is that normal?

If you are in a new community the first couple of years you don't get the full MR tax for whatever reason (they don't issue all the bonds at the same time or things takes time to trickle in) .  Once the proper MR has been billed it cannot go up more than 2%/year.  That is my understanding but since everything seems to be so confusing who knows.

MR is not suppose to go up unless you are in areas like GP which can increase by 2%.  23% is strange.

 

[lovingit]

Didn't measure E pass in June?  As such there's a net new CFD entry showing up on top of the prior ones

Check each year and verify the line entries.

Irvine Turtle and Nosuchreality,

We bought in 2014 so first year is all prorated.  There are no new CFDs but the culprit causing the big increase in 2016-2017 is this one called "1915 AD Bond PE"

In 2015-2016, the 1915 AD Bond PE was under $2k
In 2016-2017, the 1915 AD Bond PE increased by 54%
In 2017-2018, the 1915 AD Bond PE didn't increase

What happened the in 2016-2017 to cause the 54% increase in special taxes?  The builder told us the melloroos is $4600 annually but now it's closer to $6000 annually?  That sounds too high of a spike! 

 

[Goriot]

Didn't measure E pass in June?  As such there's a net new CFD entry showing up on top of the prior ones

Check each year and verify the line entries.

Irvine Turtle and Nosuchreality,

We bought in 2014 so first year is all prorated.  There are no new CFDs but the culprit causing the big increase in 2016-2017 is this one called "1915 AD Bond PE"

In 2015-2016, the 1915 AD Bond PE was under $2k
In 2016-2017, the 1915 AD Bond PE increased by 54%
In 2017-2018, the 1915 AD Bond PE didn't increase

What happened the in 2016-2017 to cause the 54% increase in special taxes?  The builder told us the melloroos is $4600 annually but now it's closer to $6000 annually?  That sounds too high of a spike!

Below is quote from Irvine Turtle from other blog.

"Got the answer.  The 50% jump on 1915-AD was because for 2015-2016 tax year a credit (from developer?) was applied which has now expired.  For future years the tax amount would be similar and potentially subject to the 2% increase."

For me 1915 AD Bond PE stayed the same between 2016-2017 and 2017-2018.  TU CFD #14-1 went up by 2%.

 

[pjs4x4]

Sorry for the thread hijack, but did anyone who moved into a new home during 2017 receive a homeowners property tax exemption form in the mail? I received one today (moved into a new home in June 2017) but do not think I qualify for the exemption since I was not occupying the property as of January 1.

I am a first time homeowner so not sure what this is and how I can qualify. Thanks for the information.

 

[jmoney74]

Sorry for the thread hijack, but did anyone who moved into a new home during 2017 receive a homeowners property tax exemption form in the mail? I received one today (moved into a new home in June 2017) but do not think I qualify for the exemption since I was not occupying the property as of January 1.

I am a first time homeowner so not sure what this is and how I can qualify. Thanks for the information.

Just put down that you live there. Let them figure it out.

 

[lovingit]

Didn't measure E pass in June?  As such there's a net new CFD entry showing up on top of the prior ones

Check each year and verify the line entries.

Irvine Turtle and Nosuchreality,

We bought in 2014 so first year is all prorated.  There are no new CFDs but the culprit causing the big increase in 2016-2017 is this one called "1915 AD Bond PE"

In 2015-2016, the 1915 AD Bond PE was under $2k
In 2016-2017, the 1915 AD Bond PE increased by 54%
In 2017-2018, the 1915 AD Bond PE didn't increase

What happened the in 2016-2017 to cause the 54% increase in special taxes?  The builder told us the melloroos is $4600 annually but now it's closer to $6000 annually?  That sounds too high of a spike!

Below is quote from Irvine Turtle from other blog.

"Got the answer.  The 50% jump on 1915-AD was because for 2015-2016 tax year a credit (from developer?) was applied which has now expired.  For future years the tax amount would be similar and potentially subject to the 2% increase."

For me 1915 AD Bond PE stayed the same between 2016-2017 and 2017-2018.  TU CFD #14-1 went up by 2%.

so it's normal for the builder to tell you mello is $4700 a year but then jump to $5900 a couple years later?  That's a pretty big spike!

 

[aquabliss]

No that's not normal but I bet $5,900 is the right amount.  Do you have your contract?  Double check it, it will mention the amount of MR in $ per sq ft of your home.

 

[lovingit]

No that's not normal but I bet $5,900 is the right amount.  Do you have your contract?  Double check it, it will mention the amount of MR in $ per sq ft of your home.

I got a look for the contract but I'm pretty sure it was 4600 a year. I called the number listed by the Bond and they said the adjustment expired.  So does that mean the builder was misinformed?

 

[jmoney74]

No that's not normal but I bet $5,900 is the right amount.  Do you have your contract?  Double check it, it will mention the amount of MR in $ per sq ft of your home.

I got a look for the contract but I'm pretty sure it was 4600 a year. I called the number listed by the Bond and they said the adjustment expired.  So does that mean the builder was misinformed?

Is this for Tustin Legacy or GP?

 

[lovingit]

No that's not normal but I bet $5,900 is the right amount.  Do you have your contract?  Double check it, it will mention the amount of MR in $ per sq ft of your home.

I have to look for the contract but I'm pretty sure it was $4600 a year. I called the number listed by the Bond and they said the adjustment expired and in 2015-2016 they were playing catch up.  So does that mean the builder was misinformed?

 

[irvineallmylife]

I just got my bill for Helena in EW. It shows 13k for the Land? Is that right?

 

[Cornflakes]

Certainly good times with sweet tax bill!

I figured with debt service and the opportunity cost of equity, a million dollar pad in BP has a carrying cost of about $80k. Subtract the fair rental value of the home you are living in, tax benefits, and equity build-up at the end of the year, you are looking at pretty much a wash.

Not a bad deal as long as Irvine appreciation keeps 0% or more.

 

[yoyo2012]

I just got my bill for Helena in EW. It shows 13k for the Land? Is that right?

You'll get a supplemental bill once they have valued your house. I believe that was also the value of the land on my first bill.