The State of Mello Roos

No_Such_Reality_IHB

No_Such_Reality_IHB

New member
Today's blog post reminded me that Mello Roos are technically supposed to expire.



Given such, can one of the Realtors or otherwise knowledgable person on the blog list the state of mello roos in the various villages in Irvine?



Just a simple, Village Name - years left on Mello Roos and the annual adjustment factor.



Thanks
 
EvaL!!!!!! Please, no seriously, come back to answer this question about mello roos. It's an actual question about the technicalities of mello roos, and not asking WTF they are. This is the best mello roos post ever, and it needs to be answered. I will ping EvaL to make sure she sees this. Hell, we need Nude's 2 cents on this just for old time sake.
 
<a href="http://www.mello-roos.com/pdf/mrpdf.pdf">Answers</a>

<blockquote><strong>How Long Will the Charge Continue?</strong>

If bonds were issued by the CFD, special taxes will be charged annually until the bonds are

paid off in full. Often, after bonds are paid off, a CFD will continue to charge a reduced fee to

maintain the improvements.</blockquote>
 
[quote author="graphrix" date=1232476443]Hell, we need Nude's 2 cents on this just for old time sake.</blockquote>


My $0.02: Move to a state with a reasonable tax scheme. Mello Roos are for suckers.
 
From what I've read the "issuing entity"(whoever that is) has the right to legally renew the bonds once they expire. I wouldn't count on those payments ever going away.
 
[quote author="Chotsky" date=1232492771]From what I've read the "issuing entity"(whoever that is) has the right to legally renew the bonds once they expire. I wouldn't count on those payments ever going away.</blockquote>


Woodbury would be for 30 years. And most new areas are usually 30 years so consider it for life. It is when the master developer who owns all the shares of the land determines what Mello Roos bonds are needed. Generally 2 but i have seen as many as 8. The 2 usually for schools and the other is for infrastructure. The Mello Roos bonds all are all different in time span some as little as 10 years others up to 30 years or more and how they determine the cost can be based on square footage, size of lot or even bedroom count. So, everyone of the mello roos bonds will have have different terms and payments and this has been going on since 1983. And yes i have heard of mello roos continue after the bonds have been paid off but for the reason for selling new bonds is upkeep and maintenance of the infrastructure that it once built and the cost is far less at that point but usually it is a city by then and the city takes over. I have seen mello roos fall in cost, if the administrators refinance the bonds at a lower rate which happened in Aliso Viejo in the mid 90's. Also the toll road paid for all the freeway(Tollway) bridges in Aliso Viejo that mello roos bonds where going to pay as they thought there would be a freeway there.
 
"Rights to Accelerated Foreclosure. It is important for CFD property owners to pay

their tax bill on time. The CFD has the right (and if bonds are issued, the obligation) to

foreclose on property when special taxes are delinquent for more than 90 days.

Additionally, any costs of collection and penalties must be paid by the delinquent property

owner. This is considerably faster than the standard 5 year waiting period on county ad

valorem taxes."



ruh roh shaggy, does that really say the CFD can foreclose on your home if the Mello-roos are 90 days past due?!?!



I foresee major future drama coming if that's true and they start to invoke their rights.
 
[quote author="No_Such_Reality" date=1232540155]"Rights to Accelerated Foreclosure. It is important for CFD property owners to pay

their tax bill on time. The CFD has the right (and if bonds are issued, the obligation) to

foreclose on property when special taxes are delinquent for more than 90 days.

Additionally, any costs of collection and penalties must be paid by the delinquent property

owner. This is considerably faster than the standard 5 year waiting period on county ad

valorem taxes."



ruh roh shaggy, does that really say the CFD can foreclose on your home if the Mello-roos are 90 days past due?!?!



I foresee major future drama coming if that's true and they start to invoke their rights.</blockquote>


Wow another train wreck waiting to happen. Good times...
 
Does anyone have a good source for looking up Mello Roos/total property tax rates by community along with the date that Mello Roos fees are set to terminate?
 
different communities have different rules. at least in the portola springs area it's 50 years with 3 different bonds expiring at different times. 1 bond 11 years, 2nd bond 25 years, and the 3rd bond expires 50 years. I know there is a payoff option for mello roos instead of making payments.
 
[quote author="furious sugar" date=1239669713]I'm curious about the pay off option..... any additional info available regarding that? I wonder if anyone does it?</blockquote>
I've seen at least two homes in Westpark II that actually advertised in their MLS listing that the assessments were paid off.



I don't know why you would do that only to end up selling your home prior but I've seen it.
 
Those are 30-year bonds folks, they don't "expire" and each time you vote for a school bond because it makes you feel all warm and fuzzy inside or your wife browbeats you into voting for it because she's a teacher and she barks out "schools never get govt funding," then you can just blame yourselves. That's right, I just fingered about 90% of you because that's about what the voting results look like after each bond measure on the ballot. And each time you look at your property taxes and expect to see a 1% fee on assessed value, well, that's not quite true. Each bond you voted for will be forever charged on your property bill. Now get back to work! You have a lot of taxes and fees to pay, for crying out loud you're a Californian, so act like one.
 
[quote author="norcaljeff" date=1239882593]Those are 30-year bonds folks, they don't "expire" and each time you vote for a school bond because it makes you feel all warm and fuzzy inside or your wife browbeats you into voting for it because she's a teacher and she barks out "schools never get govt funding," then you can just blame yourselves. That's right, I just fingered about 90% of you because that's about what the voting results look like after each bond measure on the ballot. And each time you look at your property taxes and expect to see a 1% fee on assessed value, well, that's not quite true. Each bond you voted for will be forever charged on your property bill. Now get back to work! You have a lot of taxes and fees to pay, for crying out loud you're a Californian, so act like one.</blockquote>


Well, <strong>somebody</strong> has to pay for schools. They don't build themselves.
 
[quote author="Booom" date=1239329124]Does anyone have a good source for looking up Mello Roos/total property tax rates by community along with the date that Mello Roos fees are set to terminate?</blockquote>


I actually called the County of Orange some time ago to see when my Mello Roos will end. They referred me to the proper authority to supply me with the info (it wasn't County of Orange Tax Collector). I want to say it was the RSM Water District, an entity I would never have called on my own. It will differ depending on which city you live in. They told me exactly when it would end (there were two dates).



Give the County a call.
 
[quote author="Geotpf" date=1239927442][quote author="norcaljeff" date=1239882593]Those are 30-year bonds folks, they don't "expire" and each time you vote for a school bond because it makes you feel all warm and fuzzy inside or your wife browbeats you into voting for it because she's a teacher and she barks out "schools never get govt funding," then you can just blame yourselves. That's right, I just fingered about 90% of you because that's about what the voting results look like after each bond measure on the ballot. And each time you look at your property taxes and expect to see a 1% fee on assessed value, well, that's not quite true. Each bond you voted for will be forever charged on your property bill. Now get back to work! You have a lot of taxes and fees to pay, for crying out loud you're a Californian, so act like one.</blockquote>


Well, <strong>somebody</strong> has to pay for schools. They don't build themselves.</blockquote>
great....now you tell me. haha
 
[quote author="Geotpf" date=1239927442][quote author="norcaljeff" date=1239882593]Those are 30-year bonds folks, they don't "expire" and each time you vote for a school bond because it makes you feel all warm and fuzzy inside or your wife browbeats you into voting for it because she's a teacher and she barks out "schools never get govt funding," then you can just blame yourselves. That's right, I just fingered about 90% of you because that's about what the voting results look like after each bond measure on the ballot. And each time you look at your property taxes and expect to see a 1% fee on assessed value, well, that's not quite true. Each bond you voted for will be forever charged on your property bill. Now get back to work! You have a lot of taxes and fees to pay, for crying out loud you're a Californian, so act like one.</blockquote>


Well, <strong>somebody</strong> has to pay for schools. They don't build themselves.</blockquote>


They don't fund themselves? Are you freaking kidding? Yep, you are one of those voters I was talking about. You need to start reading and paying attention to taxes and the laws passed by the morons you are voting for. It's already mandated that K-12 alone gets 50% of the entire state budget. That does not include the UCs, the CSUs or the community colleges. So Geotpf, schools already get more funding than anything else, so that's how they are funded. Please do us all a favor and educate yourself before making such naive comments on public education and tax policies.
 
[quote author="norcaljeff" date=1240126447][quote author="Geotpf" date=1239927442][quote author="norcaljeff" date=1239882593]Those are 30-year bonds folks, they don't "expire" and each time you vote for a school bond because it makes you feel all warm and fuzzy inside or your wife browbeats you into voting for it because she's a teacher and she barks out "schools never get govt funding," then you can just blame yourselves. That's right, I just fingered about 90% of you because that's about what the voting results look like after each bond measure on the ballot. And each time you look at your property taxes and expect to see a 1% fee on assessed value, well, that's not quite true. Each bond you voted for will be forever charged on your property bill. Now get back to work! You have a lot of taxes and fees to pay, for crying out loud you're a Californian, so act like one.</blockquote>


Well, <strong>somebody</strong> has to pay for schools. They don't build themselves.</blockquote>


They don't fund themselves? Are you freaking kidding? Yep, you are one of those voters I was talking about. You need to start reading and paying attention to taxes and the laws passed by the morons you are voting for. It's already mandated that K-12 alone gets 50% of the entire state budget. That does not include the UCs, the CSUs or the community colleges. So Geotpf, schools already get more funding than anything else, so that's how they are funded. Please do us all a favor and educate yourself before making such naive comments on public education and tax policies.</blockquote>


I think you need to consider the type of schools that Irvine parents demand. They are not satisfied with the run down facilities that most of us have grown accustomed to. Yes, I would say that the state money from the budget that is used for education SHOULD be enough. It should be enough for classes of 35-40 students, crumbling yet maintainable structures and the massive amount of waste that the state requires. It is not enough to match the expectations of Irvine parents and consequently, they have to pay for it.
 
[quote author="ndiddy" date=1239536385]different communities have different rules. at least in the portola springs area it's 50 years with 3 different bonds expiring at different times. 1 bond 11 years, 2nd bond 25 years, and the 3rd bond expires 50 years.</blockquote>
Does that mean amount of mello roos paying in PS will become less after 11 years(the 1st bond ends) and less after another 14 years when the 25 year-bond ends?
 
[quote author="hesitating" date=1240148285][quote author="ndiddy" date=1239536385]different communities have different rules. at least in the portola springs area it's 50 years with 3 different bonds expiring at different times. 1 bond 11 years, 2nd bond 25 years, and the 3rd bond expires 50 years.</blockquote>
Does that mean amount of mello roos paying in PS will become less after 11 years(the 1st bond ends) and less after another 14 years when the 25 year-bond ends?</blockquote>


Essentially, yes, it will be less once the bonds are paid off. The catch is, and you would have to look at the bond docs closely, is if their is an option to renew the bonds or what would be the equivalent of refinancing the bonds over a longer period of time. They will be less on monthly basis, but they will be paid over a longer duration.
 
You must log in or register to reply here.
Back
Top