Problem with 4S and new developments is the mello-roos.

Mello-roos is determined by (nebulous) formula at the time of the creation of the parcel so the mello-roos portion of taxes will not decrease even if the values drops by 1/2.

Another big problem with mello roos is that it only goes away after the bonds are paid off. If they are not enough homeowners to pay the taxes, the assessment may last forever. There are no date certain for mello-roos to go away.

The main point is that as property values drop, total property tax percentage will increase. Pay attention to that if you buy a resale in the new areas.