Mello-Roos & the Great Park

[Dr. CA Real Estate]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

 

[talkirvine]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

Interesting. Is that true? I though Altair is quite unique in the Great Park, the pearl of it.

How does Altair compare to Orchard Hill. I find them comparable price- and sqft-wise.

 

[Dr. CA Real Estate]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

Interesting. Is that true? I though Altair is quite unique in the Great Park, the pearl of it.

How does Altair compare to Orchard Hill. I find them comparable price- and sqft-wise.

It?s all relative. The pearl of great park is not so bright in certain comparisons.

 

[woodburyowner]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

Sounds about right.  There's a big difference between people who are purchasing a 1.5M house and 3M+ house. 

 

[aquabliss]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

If I was house hunting in Shady Canyon and you suggested Altair, I?d fire you on the spot bruh.

I mean, nothing personal.

 

[Dr. CA Real Estate]

Two weeks ago I had a buyer looking in Newport coast and shady canyon, when I suggested Altair as a possibility she said, and I?m paraphrasing,  ?it?s not special enough there?s too much riff raft there?

If I was house hunting in Shady Canyon and you suggested Altair, I?d fire you on the spot bruh.

I mean, nothing personal.

Haha don?t hate bro. Lumiere and Estrella, Alta and Bella in OH, are worth the savings to some if you were considering Hidden Canyon or low end Shady.

 

[ndmaynard]

Anyone know whether Great Park Mello Roos qualifies for tax deductions in Federal and/or CA State income tax?  I have seen conflicting information so would appreciate any input.

Per a TurboTax blog (https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/home/what-is-mello-roos-and-can-i-deduct-it-32746/):
"According to the IRS, only ?ad valorem? property taxes (?according to value?) are tax deductible."


Since Great Park's Mello Roos assessment changes by value, would it meet the criteria for federal tax?

 

[eyephone]

No
Also, with the SALT limit deductions. It does not matter. But hopefully they repeal that SALT double taxation crap. Since new president and control of the house and senate.

 

[qwerty]

Anyone know whether Great Park Mello Roos qualifies for tax deductions in Federal and/or CA State income tax?  I have seen conflicting information so would appreciate any input.

Per a TurboTax blog (https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/home/what-is-mello-roos-and-can-i-deduct-it-32746/):
"According to the IRS, only ?ad valorem? property taxes (?according to value?) are tax deductible."


Since Great Park's Mello Roos assessment changes by value, would it meet the criteria for federal tax?

Why do you say the great park mello Roos changes by assessment? It is based on the size of the house, so it?s not based on value. So not ad valorem.

 

[woodburyowner]

No
Also, with the SALT limit deductions. It does not matter. But hopefully they repeal that SALT double taxation crap. Since new president and control of the house and senate.

If they do this, they might bring back AMT.  Not sure the net would be beneficial...

 

[Nguyen80]

I would guess some great housing tax incentives are on the way. As well as extensions/ new incentives on clean energy products

 

[usctrojancpa]

You'll get a tax deduction for property tax and Mello Roos on your state tax return (mello roos is technically partially deductible but to figure out how much take a CFA going through the bond prospectus. 

 

[Cares]

Mello roos is technically only deductible for any "ad valorem" portion of it but I generally think it is a grey area so definitely consult with your CPA on how to handle it.