Great Park Phase 2 Mello Roos

T

test

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Remember this is on top of your regular property tax.  Makes VoC look like a bargain.

 
Bullsback said:
What is VOC? Those are some absurdly high Mella Roos.
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Village of Columbus.  It's split up between Tustin/Irvine by Jamboree and between Edinger/Barranca.  It's basically next to the District.

Mellos Roos are high...Saratoga is at about $4000 for a 2800-3000 foot lot.

 
Thanks. Familiar with the area and their high mella roos. How much higher are these then the 1st section of the great park? When you really think about it, that is an insane fixed cost to lump onto your house. Add in the fact that the homes will likely be pretty pricey and you are talking about an effective tax rate that I presume will be over 2% (see following scenario). Presuming you had a $1M home on a 5K lot (which is probably pretty conservative), you are talking a fixed annual tax bill of $25.6K (approximately) or an effective tax rate of 2.56%. That is freaking absurd. 

 
WTTCMN said:
Irvinecommuter said:
Bullsback said:
What is VOC? Those are some absurdly high Mella Roos.
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Village of Columbus.  It's split up between Tustin/Irvine by Jamboree and between Edinger/Barranca.  It's basically next to the District.

Mellos Roos are high...Saratoga is at about $4000 for a 2800-3000 foot lot.
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I think these are based on sf of your house. Not lot size.
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I had wondered if that was the case, however, I presume it was lot size given the dimensions being listed on the approved plan. I can't presume anyone would waste their time to come up with mella roos for ~10K square foot homes. I can't see people lining up for custom lots on the great park sites and no builder is going to be buildling homes that size. 
 
WTTCMN said:
Irvinecommuter said:
Bullsback said:
What is VOC? Those are some absurdly high Mella Roos.
Click to expand...

Village of Columbus.  It's split up between Tustin/Irvine by Jamboree and between Edinger/Barranca.  It's basically next to the District.

Mellos Roos are high...Saratoga is at about $4000 for a 2800-3000 foot lot.
Click to expand...

I think these are based on sf of your house. Not lot size.
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Makes more sense...but it's still about 20% more.
 
Based on my google search, it would appear that sometimes it is based on lot size, sometimes square footage of house.  Not sure in this case.  If you go by square footage of those house, you tend to get scenarios that fall more in line with most areas. For example, $1M home that is 2500 square feet (400 /ft) would be 10,600 in property tax + mella roos of 7532, which would equal $18,132 and give you an effective tax rate of 1.8%, which while still high, is not near as absurd as the previous scenario based upon lot size. 
 
WTTCMN said:
Bullsback said:
Based on my google search, it would appear that sometimes it is based on lot size, sometimes square footage of house.  Not sure in this case.  If you go by square footage of those house, you tend to get scenarios that fall more in line with most areas. For example, $1M home that is 2500 square feet (400 /ft) would be 10,600 in property tax + mella roos of 7532, which would equal $18,132 and give you an effective tax rate of 1.8%, which while still high, is not near as absurd as the previous scenario based upon lot size. 
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Pp has the same chart. Different numbers. But based on square footage of the house. If you just look at how they broke it down, it's pretty obvious it's based on sf of the house.  Attached Condos don't have lot sizes and any reasonable SFR is >3500 sf lot size so why list lot sizes of 800 sf?  Makes no sense.
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Maybe there is a differentiation between attached and detached structures.  Attached structure share the land so that the share of mello roos is divided.  Detached structure could be based upon lot size.
 
my current columbus square house would have a 9K MR in the GP2, compared to my 6.5K. and i thought 6.5K was high. 

 
qwerty said:
my current columbus square house would have a 9K MR in the GP2, compared to my 6.5K. and i thought 6.5K was high.
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MR is based on House square footage.  I found it interesting that Lennar's Rosemist Plan 3 MR put it in a lower MR bracket than it's competitors , Hawthorn Plan 3 and Harmony Plan 2.  Lennar has ties to Five Point right? 

Also Columbus Grove already has $9 to $10 K MR,https://www.redfin.com/CA/Tustin/16610-Honeybee-Dr-92782/home/7202550
MR is not tax deductible but everyone I know takes the deduction.  Wonder when the auditors will catch on to it.
 
Irvine Dream said:
qwerty said:
my current columbus square house would have a 9K MR in the GP2, compared to my 6.5K. and i thought 6.5K was high.
Click to expand...

MR is based on House square footage.  I found it interesting that Lennar's Rosemist Plan 3 MR put it in a lower MR bracket than it's competitors , Hawthorn Plan 3 and Harmony Plan 2.  Lennar has ties to Five Point right? 

Also Columbus Grove already has $9 to $10 K MR,https://www.redfin.com/CA/Tustin/16610-Honeybee-Dr-92782/home/7202550
MR is not tax deductible but everyone I know takes the deduction.  Wonder when the auditors will catch on to it.
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Already covered by Irvinehomeowner
 
Irvine Dream said:
qwerty said:
my current columbus square house would have a 9K MR in the GP2, compared to my 6.5K. and i thought 6.5K was high.
Click to expand...

MR is based on House square footage.  I found it interesting that Lennar's Rosemist Plan 3 MR put it in a lower MR bracket than it's competitors , Hawthorn Plan 3 and Harmony Plan 2.  Lennar has ties to Five Point right? 

Also Columbus Grove already has $9 to $10 K MR,https://www.redfin.com/CA/Tustin/16610-Honeybee-Dr-92782/home/7202550
MR is not tax deductible but everyone I know takes the deduction.  Wonder when the auditors will catch on to it.
Click to expand...

They should have a pretty automated process to tracking back property tax deductions vs. tax records. At least that was my understanding from talking with other CPA's. However, that said, I thought you could potentially deduct the MR. Note, I am a CPA, but I don't do taxes nor do I do my own taxes. 
 
Irvinecommuter said:
Irvine Dream said:
qwerty said:
my current columbus square house would have a 9K MR in the GP2, compared to my 6.5K. and i thought 6.5K was high.
Click to expand...

MR is based on House square footage.  I found it interesting that Lennar's Rosemist Plan 3 MR put it in a lower MR bracket than it's competitors , Hawthorn Plan 3 and Harmony Plan 2.  Lennar has ties to Five Point right? 

Also Columbus Grove already has $9 to $10 K MR,https://www.redfin.com/CA/Tustin/16610-Honeybee-Dr-92782/home/7202550
MR is not tax deductible but everyone I know takes the deduction.  Wonder when the auditors will catch on to it.
Click to expand...

Already covered by Irvinehomeowner
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OK, I will need to check that.  Could you please point me to the thread.  My understanding was that any tax that is not calculated as a percentage of the assessed value of the property is not deductible
 
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