Mello-Roos of Irvine

[akkord]

Mello Roos are NOT taxes.

Wasn't there a lawsuit...and MR can be written off as property taxes...too bad its capped at 10k now. 

Yeah... something about our property tax bill needs to break them out by use or something in order for us to know which are taxes and which are not... not exactly sure.

But according to Prop 13... MRs can't be taxes right?

Wonder if the IRS would ever look into exactly where your MR dollars went to say what exactly can and can't be deducted, for an extra ~4k for MR on your filing.

 

[Irvinity]

Yes, I see the expiry of 86-1 is compensated by the hike in 09-1. The net MR is similar as last year, or slightly higher.

This was explicitly communicated to us when we bought our home from CalPac back in 2016.  We were told that even though 86-1 would mature, the amount of MR paid would remain at $1,700 with a hike in 09-1 until the the bond matures, and I'm seeing that on my ptax as well.

Yeah, I don't recall builder telling us that MR would drop. So, perhaps, this might be the reason. Thanks for sharing.

 

[irvinehomeowner]

It's more than just separating it out on the bill... I think you have actually have to designate the detail of the MRs on what is taxes and what is not.

There was a long thread somewhere here on TI where we discussed how to determine if MRs qualify as a tax or not because many of them are mixed funding between general infrastructure and tract specific improvements.

 

[aquabliss]

I don?t think that matters right now with the SALT deduction maxing out at $10k.  Don?t most/all of us already hit the max with our state income taxes anyhow?  If not, you will definitely hit the max with your state income tax + regular prop tax without MR.

I won?t be deducting my property taxes (or MR) anytime soon.

 

[nosuchreality]

It all depends on how you realize your income.

 

[eyephone]

I don?t think that matters right now with the SALT deduction maxing out at $10k.  Don?t most/all of us already hit the max with our state income taxes anyhow?  If not, you will definitely hit the max with your state income tax + regular prop tax without MR.

I won?t be deducting my property taxes (or MR) anytime soon.

But if Biden wins. Biden will repeal the SALT deductions cap.

 

[qwerty]

He might but will also increase the tax rates and probably narrow the income ranges within the tax brackets.

 

[eyephone]

He might but will also increase the tax rates and probably narrow the income ranges within the tax brackets.

Increase the tax rate for the billionaires.
I am not a billionaire like you Qwerty. 

 

[qwerty]

He might but will also increase the tax rates and probably narrow the income ranges within the tax brackets.

Increase the tax rate for the billionaires.
I am not a billionaire like you Qwerty. 

I?ll continue to play the lotto until I achieve billionaire status.

 

[paperboyNC]

So I called the number and talked to them and they said it was disclosed that the second was $1700 minus the first. Indeed this was buried on my disclosures from 9 years ago.

The builder's summary made no mention of this and just said the first expired 2020.

 

[marmott]

Well 2059 is around the corner right?

I guess there is no escaping the MR in Irvine...

 

[Irvinity]

So I called the number and talked to them and they said it was disclosed that the second was $1700 minus the first. Indeed this was buried on my disclosures from 9 years ago.

The builder's summary made no mention of this and just said the first expired 2020.

Thanks for the update! Good to know.

 

[irvinehomeowner]

I guess there is no escaping the MR in Irvine...

Just buy/live in the older hoods.

 

[Mety]

It's not just Irvine that has MR. Irvine actually has lower MR than many other cities with new homes except the Great Park area. Irvine's MR is around $2000-$4000. There are many other cities with $5000+ MR for newer homes.