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  • September 17, 2010 at 9:03 PM #607191
    temeculaguy
    Participant

    The irs wont bother with it, they really could care less because the dollar amount isn’t worth the labor costs. If someone has 1k a year of mello roos and 80% of it is deductable, yet they deduct the whole thing, then they deducted 200 that they shouldn’t have. It was not malicious, their bill would be a whole $50 to the irs, yet it cost the irs a grand in labor to deal with it, just not worth it. Same goes for your vehicle registration, you are supposed to subtract the non value based portion and deduct only the remainder, most people just deduct the dollar amount they see on their vehicle registration card in their glove box and the irs doesn’t really care.

    Plus there are more people inflating their charity deduction than the mello roos folks.

    They will likely just change the tax code to allow mello roos as a deduction, since it basically is treated that way now. They already changed the code to allow the deduction of PMI.

    Mello roos sucks, but if you are a buyer of resale property, you can factor the payment, then figure the dollar cost and reduce your offer by that amount. If you have to pay the same amount for a mello roos house vs a non mello roos house, the go with the non, but if there is a discount because of it, if that discount makes the two houses cost the same as far as the monthly payment, then live where you want to live.

    July 24, 2011 at 8:16 AM #712289
    ahewitson
    Participant

    [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.

    Here’s how to find out:

    go to:

    http://californiataxdata.us/

    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.

    For example, a random house in 4S shows:

    POWAY UNIFIED CFD#6 IAA
    http://californiataxdata.us/displaytaxdetails.aspx?fundno=612217

    POWAY UNIFIED CFD#6
    http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206

    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?

    July 24, 2011 at 8:16 AM #712386
    ahewitson
    Participant

    [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.

    Here’s how to find out:

    go to:

    http://californiataxdata.us/

    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.

    For example, a random house in 4S shows:

    POWAY UNIFIED CFD#6 IAA
    http://californiataxdata.us/displaytaxdetails.aspx?fundno=612217

    POWAY UNIFIED CFD#6
    http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206

    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?

    July 24, 2011 at 8:16 AM #712984
    ahewitson
    Participant

    [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.

    Here’s how to find out:

    go to:

    http://californiataxdata.us/

    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.

    For example, a random house in 4S shows:

    POWAY UNIFIED CFD#6 IAA
    http://californiataxdata.us/displaytaxdetails.aspx?fundno=612217

    POWAY UNIFIED CFD#6
    http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206

    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?

    July 24, 2011 at 8:16 AM #713136
    ahewitson
    Participant

    [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.

    Here’s how to find out:

    go to:

    http://californiataxdata.us/

    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.

    For example, a random house in 4S shows:

    POWAY UNIFIED CFD#6 IAA
    http://californiataxdata.us/displaytaxdetails.aspx?fundno=612217

    POWAY UNIFIED CFD#6
    http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206

    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?

    July 24, 2011 at 8:16 AM #713495
    ahewitson
    Participant

    [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.

    Here’s how to find out:

    go to:

    http://californiataxdata.us/

    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.

    For example, a random house in 4S shows:

    POWAY UNIFIED CFD#6 IAA
    http://californiataxdata.us/displaytaxdetails.aspx?fundno=612217

    POWAY UNIFIED CFD#6
    http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206

    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?

    July 24, 2011 at 1:35 PM #712349
    bearishgurl
    Participant

    [quote=ahewitson]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?[/quote]

    Why would you want to do that, ahewitson? Do you plan on keeping the property 29 years (until 2040)? Any potential buyer you later have for your house will EXPECT to pay these bonds for a property located in your area. You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front. Nor do I think it would increase your resale value if you paid them off.

    July 24, 2011 at 1:35 PM #712444
    bearishgurl
    Participant

    [quote=ahewitson]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?[/quote]

    Why would you want to do that, ahewitson? Do you plan on keeping the property 29 years (until 2040)? Any potential buyer you later have for your house will EXPECT to pay these bonds for a property located in your area. You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front. Nor do I think it would increase your resale value if you paid them off.

    July 24, 2011 at 1:35 PM #713043
    bearishgurl
    Participant

    [quote=ahewitson]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?[/quote]

    Why would you want to do that, ahewitson? Do you plan on keeping the property 29 years (until 2040)? Any potential buyer you later have for your house will EXPECT to pay these bonds for a property located in your area. You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front. Nor do I think it would increase your resale value if you paid them off.

    July 24, 2011 at 1:35 PM #713195
    bearishgurl
    Participant

    [quote=ahewitson]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?[/quote]

    Why would you want to do that, ahewitson? Do you plan on keeping the property 29 years (until 2040)? Any potential buyer you later have for your house will EXPECT to pay these bonds for a property located in your area. You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front. Nor do I think it would increase your resale value if you paid them off.

    July 24, 2011 at 1:35 PM #713554
    bearishgurl
    Participant

    [quote=ahewitson]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?[/quote]

    Why would you want to do that, ahewitson? Do you plan on keeping the property 29 years (until 2040)? Any potential buyer you later have for your house will EXPECT to pay these bonds for a property located in your area. You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front. Nor do I think it would increase your resale value if you paid them off.

    July 24, 2011 at 8:27 PM #712414
    mp7444
    Participant

    [quote=bearishgurl]You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front.[/quote]

    Is that true, BG? Don’t they pay more for interest for keeping the full-term bond?

    July 24, 2011 at 8:27 PM #712510
    mp7444
    Participant

    [quote=bearishgurl]You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front.[/quote]

    Is that true, BG? Don’t they pay more for interest for keeping the full-term bond?

    July 24, 2011 at 8:27 PM #713107
    mp7444
    Participant

    [quote=bearishgurl]You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front.[/quote]

    Is that true, BG? Don’t they pay more for interest for keeping the full-term bond?

    July 24, 2011 at 8:27 PM #713259
    mp7444
    Participant

    [quote=bearishgurl]You will not pay any more for the bonds by paying them twice per year on your property tax bills than if you pay them all up front.[/quote]

    Is that true, BG? Don’t they pay more for interest for keeping the full-term bond?

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