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July 24, 2011 at 8:16 AM in reply to: 4S Mello-Roos will take 30 more years (2040) to payoff #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:
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=612217POWAY UNIFIED CFD#6
http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206How 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 in reply to: 4S Mello-Roos will take 30 more years (2040) to payoff #712386Participant[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:
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=612217POWAY UNIFIED CFD#6
http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206How 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 in reply to: 4S Mello-Roos will take 30 more years (2040) to payoff #712984Participant[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:
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=612217POWAY UNIFIED CFD#6
http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206How 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 in reply to: 4S Mello-Roos will take 30 more years (2040) to payoff #713136Participant[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:
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=612217POWAY UNIFIED CFD#6
http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206How 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 in reply to: 4S Mello-Roos will take 30 more years (2040) to payoff #713495Participant[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:
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=612217POWAY UNIFIED CFD#6
http://californiataxdata.us/DisplayTaxDetails.aspx?FundNo=612206How 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?
ParticipantEvery home builder and lender has different policies when it comes to floors, counters, etc. We’re buying in Serenity right now and we’re able to close escrow with bare floors AND we’re able to use our own contractors for flooring, landscape, window coverings etc. as long as we provide bids and contracts from licensed contractors and submit them to the lender. They’ll hold the money in an escrow account and will pay the contractor upon completion of the work.
ParticipantEvery home builder and lender has different policies when it comes to floors, counters, etc. We’re buying in Serenity right now and we’re able to close escrow with bare floors AND we’re able to use our own contractors for flooring, landscape, window coverings etc. as long as we provide bids and contracts from licensed contractors and submit them to the lender. They’ll hold the money in an escrow account and will pay the contractor upon completion of the work.
ParticipantEvery home builder and lender has different policies when it comes to floors, counters, etc. We’re buying in Serenity right now and we’re able to close escrow with bare floors AND we’re able to use our own contractors for flooring, landscape, window coverings etc. as long as we provide bids and contracts from licensed contractors and submit them to the lender. They’ll hold the money in an escrow account and will pay the contractor upon completion of the work.
ParticipantEvery home builder and lender has different policies when it comes to floors, counters, etc. We’re buying in Serenity right now and we’re able to close escrow with bare floors AND we’re able to use our own contractors for flooring, landscape, window coverings etc. as long as we provide bids and contracts from licensed contractors and submit them to the lender. They’ll hold the money in an escrow account and will pay the contractor upon completion of the work.
ParticipantEvery home builder and lender has different policies when it comes to floors, counters, etc. We’re buying in Serenity right now and we’re able to close escrow with bare floors AND we’re able to use our own contractors for flooring, landscape, window coverings etc. as long as we provide bids and contracts from licensed contractors and submit them to the lender. They’ll hold the money in an escrow account and will pay the contractor upon completion of the work.
Participant[quote=DataAgent]”Holy crap! If zillow is correct they paid 1.5 in 2006. I can’t belive the asking price is under 900k. Something doesn’t seem right here?”
It’s probably just another short sale. The current owners haven’t paid their property taxes in several years.[/quote]
My realtor took us to this house and it’s definitely been lived in. The backyard has not been kept very well and the interior of the house has a very odd design. Regardless of what the house sold for 5 years ago, I don’t think it’s worth the $895K it’s currently listed for. Maybe about $50K less than that as a possibility. You’ll need at least that much to make it comfortable. Very poor natural lighting inside the house as well.
Participant[quote=DataAgent]”Holy crap! If zillow is correct they paid 1.5 in 2006. I can’t belive the asking price is under 900k. Something doesn’t seem right here?”
It’s probably just another short sale. The current owners haven’t paid their property taxes in several years.[/quote]
My realtor took us to this house and it’s definitely been lived in. The backyard has not been kept very well and the interior of the house has a very odd design. Regardless of what the house sold for 5 years ago, I don’t think it’s worth the $895K it’s currently listed for. Maybe about $50K less than that as a possibility. You’ll need at least that much to make it comfortable. Very poor natural lighting inside the house as well.
Participant[quote=DataAgent]”Holy crap! If zillow is correct they paid 1.5 in 2006. I can’t belive the asking price is under 900k. Something doesn’t seem right here?”
It’s probably just another short sale. The current owners haven’t paid their property taxes in several years.[/quote]
My realtor took us to this house and it’s definitely been lived in. The backyard has not been kept very well and the interior of the house has a very odd design. Regardless of what the house sold for 5 years ago, I don’t think it’s worth the $895K it’s currently listed for. Maybe about $50K less than that as a possibility. You’ll need at least that much to make it comfortable. Very poor natural lighting inside the house as well.
Participant[quote=DataAgent]”Holy crap! If zillow is correct they paid 1.5 in 2006. I can’t belive the asking price is under 900k. Something doesn’t seem right here?”
It’s probably just another short sale. The current owners haven’t paid their property taxes in several years.[/quote]
My realtor took us to this house and it’s definitely been lived in. The backyard has not been kept very well and the interior of the house has a very odd design. Regardless of what the house sold for 5 years ago, I don’t think it’s worth the $895K it’s currently listed for. Maybe about $50K less than that as a possibility. You’ll need at least that much to make it comfortable. Very poor natural lighting inside the house as well.
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