What is Mello Roos?
If you’re currently in the market to buy a home in say Chula Vista, CA or Carmel Valley, CA you’ve probably come across this funny sounding name for a tax and wondered what on earth it is.
Mello Roos is a real estate tax in addition to the normal property tax that is imposed on home owners within a Community Facilities District -CFD. These districts seek public funding by issuing bonds to pay for public improvements and services. The services include, parks, schools, roads, streets, water, sewage, police protection, electricity, libraries, childcare and infrastructure in newly developing areas.
What areas are likey to utilize the mello roos tax? – Those areas that need funding for such projects as a school, parks, roads etc
How did it get it’s name? This special tax got it’s weird name from the two men who originated the California Legislature bill in 1982. Sentor Henry J. Mello and Assemblyman Mike Roos. The Community Facilities District Act was passed into law commonly known as Mello Roos.
How can I find out if the property I’m looking to buy has the mello roos tax? You will need to look up the property assessment tax records and search for any items listed as CFD”s. You can search by property address, assessors parcel number or secured bill number. You can also ask a real estate agent to look up the assessors parcel number or for more information.
Can I deduct the mello roos on my personal income tax return? It can be tax deductible in some areas and not in others. A list of items that are or are not tax deductible are listed on the CA State Franchise Board site.
How long will I have to pay mello roos? While bonds can be for 5 plus years, most bonds issued are for about 25 – 30 years from the date of completion of the property.
How is mello roos assessed? Unlike regular property taxes which are assessed based on the value of the property – mello roos is considered a designer tax and can be levied a variety of ways just as long as it is fair and reasonable.
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