flu, these “fixed charge assessments” (FCA’s) are charged to every parcel in the county. For the MM condo, they are $30.36 per yr. For a typical SFR assessed at about $300K, they are about $40 to $43 per yr.
The “Voter-Approved Bonds” (VAB’s) on the MM condo come to only $225.12 per yr.
VOTER APPROVED BONDS:
UNIFIED BOND SAN DIEGO 1999A NET 0.00809 16.15
UNIFIED BOND SAN DIEGO 2000B NET 0.00614 12.26
UNIFIED BOND SAN DIEGO 2001C NET 0.00766 15.29
UNIFIED BOND SAN DIEGO 2002D NET 0.00985 19.66
UNIFIED BOND SAN DIEGO 2003E NET 0.01420 28.35
UNIFIED BOND SAN DIEGO SERIES 1998F REFUNDING NET 0.00312 6.23
UNIFIED BOND SAN DIEGO SERIES 1998G REFUNDING NET 0.00429 8.56
UNIFIED BOND SAN DIEGO 2006 SERIES F-1 REFUNDING NET 0.00430 8.58
UNIFIED BOND SAN DIEGO 2005 SERIES G-1 REFUNDING NET 0.00353 7.04
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009A NET 0.00099 1.97
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009B NET 0.00453 9.04
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2010C NET 0.00000 0.00
UNIF BOND SAN DIEGO-PROP S 11/04/08, 2010D QSCB NET 0.00000 0.00
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003A NET 0.00117 2.33
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003B NET 0.01033 20.62
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2006A NET 0.00944 18.84
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2009C NET 0.00397 7.92
SAN DIEGO COMM COLL-PROP S 11/05/02, SER 2011 REF NET 0.00089 1.77
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2011 NET 0.00679 13.55
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2011 NET 0.00481 9.60
SAN DIEGO CITY OPEN SPACE FACILITY DIST NO. 1 D/S NET 0.00000 0.00
SAN DIEGO CITY ZOOLOGICAL EXHIBITS – DEBT SERVICE NET 0.00500 9.98
SAN DIEGO CITY PUBLIC SAFETY COMM SYS – DEBT SERV NET 0.00000 0.00
MWD D/S REMAINDER OF SDCWA 15019999 NET 0.00370 7.38
The total of FCA’s and VAB’s is $255.48. Since the condo is only assessed at ~$200K, that is 13% of the base tax. But on a typical MM SFR assessed at $350K … it’s only 7.3% of the tax … and progressively less of a percentage the higher the assessed value of the property, assuming the same amount of MR is charged to every parcel in the CFD.
flu, this is not an apples to apples comparison of MR to base tax. For example, lets take a newer condo in ChulaV now reassessed at ~$202K which has MR. We’ll go back to a couple of them we discussed in a recent thread briansd1 posted in his OP. (btw, the thread was from March 2012 and neither of these two Fannie-owned REO condos have sold yet.)
[quote=bearishgurl on March 13, 2012 – 3:30pm.][quote=briansd1]BG, the tax amount will get reset to be based on the new purchase price. So that should not be a problem.[/quote]
I fully understand this and that is why I posted the current assessed values. HOWEVER, the portion of the tax bill for CFDs will be a set amount, over and above whatever the property is assessed at.
I switched a couple of figures on the comparable tax bills of the smaller condo.
It should should read “…$3,018.32 (for a $186K assessed value) and $3,415.00 (for a $202K assessed value).”
Sorry for any confusion.[/quote]
The larger condo (Cherry Blossom) now has a $2020 base tax. This means any VAB, FCA’s plus MR total $1395 (3415-2020). $1395/$2020 = 69% of the base tax!. The current asking price is $219,900.
The smaller condo (Barbados) now has an $1860 base tax. this means any VAB’s, FCA’s plus MR total $1158.32 (3018.32-1860). $1158.32/1860 = 62% of the base tax! The current asking price is $195K.
Of course, the percentage of MR/FCA’s/VAB’s to base tax is higher on lower-assessed properties such as these condos. I don’t know if the newest tracts in CVista price the MR acc to the sq footage of the house. I’ll have to do some research on a 4-5 bdrm tract I’m familiar with and repost my findings.
Conclusion: percentage of MR/FCA’s/VAB’s to base tax is far higher on MR-encumbered tracts.
MM condo assessed at ~$200K = 13%
Otay Ranch condo (Barbados) assessed at $186K = 62%
Otay Ranch condo (Cherry Blossom) assessed at $202K = 69%
I have no doubt that on some of the SFR’s in 91914 and 91915, the current MR + FCA’s + VAB’s + base tax (- HOEX) = MORE than the mo principal + interest + 1/12 of the annual homeowners ins premium! This doesn’t even include mo dues to the two HOA’s encumbering the tracts.
The reason for this is because many SFR’s which sold new at $530K to $730K at the peak down there have been recently sold short (or sold as REO’s) for $330K to $380K with 20% down with extremely low interest rate mortgages!!
Even if these savvy? (not so sure about that) new buyers decide to pay their properties off in a few years, they are STILL STUCK with the MR for 32 more years and two monthly HOA dues. This is over and above what a non-MR/non-HOA property owner just 2-3 mi away would pay if they decide to pay off their comparably-assessed SFR.
