[quote=fragile]I just found that the 4S Mello-Roos won’t payoff until 2040!
4S home buyers were told that it’s a 25-yrs Mello-Roos, but no one ever asked ’25 yrs starting from when?’, because most people assume it starts when they buy the house. If you bought a house in 4S in 2002, and think you’ve paid 8 yrs so far, and you only have 17 yrs to go, you’re wrong! Your 25-yr period hasn’t even started yet. It won’t start until 2015 when the 4S area is completed.
click “Find Property” tab at the top. Select “Search By Address”. Enter a property address. You’ll see the parcel number. Click on the parcel number to see the tax database. Look for “Poway Unified School Distric Community Facilities District No. 6”, then click on it to see detailed data.
How Long To Pay?
The special tax shall be levied for a period of twenty-five (25) fiscal years after the last bond series is issued, but in any case not after fiscal year 2045-46.
All houses in 4S have the CFD#6 special tax. Those that were built in later phases have the additional CFD#6 IAA special tax, and can increase 2% each year
If you click on the ‘Contact’ tab, there’s a contact number that you can call to verify. I have actually called them myself. The important key is in this phrase “The special tax shall be levied for a period of twenty-five (25) fiscal years AFTER THE LAST BOND SERIES IS ISSUED”. The question is “When will the last bond series issued?”. The answer is 2015. The 4S community is projected to be completed in 2015, that’s when the last bond series is issued.
Most 4S home buyers assume that they’ll pay the Mello-Roos 25 yrs from the year they purchase the house. They’re wrong. The 25 yrs starts from THE YEAR THAT THE LAST BOND SERIES IS ISSUED, NOT FROM THE YEAR OF PURCHASE. If you add 25 yrs to 2015, you’ll get 2040. That’s the year the Mello-Roos will payoff! Also note that there’s a 5 yr padding, if more fund is needed by 2040 they may collect up to 5 more years i.e. cannot collect after 2045.
These are ridiculous facts that I just found out, and would like to share with home buyers out there. 4S is a nice place to live, but we should be aware what and how long we’re paying for.[/quote]
What happens if I would like to pay off the bond in full? Let’s say I wanted to buy a home in 4S and found out that my portion of the 2 bonds in that area was $60,000 for easy numbers. If I were to write a check and pay it off in full, would I be exempt from the timelines and the potential bond expiration in 2040?
