Paying off Mello Roos early (San Diego, Temecula: insurance, credit, property taxes)

[USDefault]

Originally Posted by 1AngryTaxPayer

Whoa, I just caught this. SO, you can pay off your MR and then they can hit you with another one?

There's no limit to what these greedy unions and enabling parents will seek to take. If they could shake every last dime out of you, they would do so.

If you don't have kids, never buy a home with Mello Roos taxes. Be firm, stand your ground and simply say no. Leave any and all Mello Roos properties for those with children. Let them pay the taxes, since they are the ones placing their kids in the schools, sucking up resources like every other brood on this overpopulated planet.

[Cardiff Kook]

Wait, can you clarify something. If your home was built in the 60's and doesn't have any mello roos can they impose them on you now?

[amoril]

GMUAlum08: If you don't have Mello Roos now (Community Facility District line items on your tax bill) you won't have them ever.

HOWEVER, voters vote on bonds every year, these bonds are not Mello Roos, they are just special bonds that voters may or may not pass and they will be added to your property tax. Everyone in that voting district will pay them regardless if you have mello roos or not.

Mello Roos are simply a way for builders to not have to pay for infrastructure when they build the homes and pass that cost on to you and are different than the bonds that we all vote on that will add taxes to our property tax bill.

[concerned-taxpayer]

Originally Posted by earlyretirement

Just an update for those interested in prepaying off their Mello Roos. I went ahead and paid off both CFD's. It will be a good feeling not to have to worry about paying Mello Roos anymore in the future.

I realize it might not make sense for many families that don't know if they will be in their homes for the long haul but I definitely know we'll be here until the kids are out of high school so it seems like a no brainer to pay it off early.

I contacted David Taussig and Associates and sent them the $500 check and they were very quick to email me out a payoff quote breakdown a few days later. They had the name and address of the person to send the check to with the City of San Diego. The CFD #2 (Santaluz) came out to around $46,000. My CFD #4 (Poway Unified) came to around $15,000. Both entities emailed me to confirm they got the payment and won't have to deal with this again in the future.

Hi, I'm currently requesting quotes from the district administrators for the same Mello Roos bonds you paid off in 2012: CFD#4 and CFD#2.

what multiple of your annual payments were your final payoff amounts? 5x? 10x?

My annual assessments are $3,600 for CFD#4 and $6,750 for CFD#2
Your payoffs are 5-7x my annual payments.
So, break even in ~7years, not counting the cost of money over those 7yrs if it had been invested.

For CFD#4, I contacted Poway Unified School District, 13626 Twin Peaks Road Poway CA 92064
and CFD#2 I contacted Willdan Financial Services 27368 Via Industria, Suite 200 Temecula, CA 92590

Waiting to hear back from both

Thanks!

[futbol]

Originally Posted by concerned-taxpayer

Hi, I'm currently requesting quotes from the district administrators for the same Mello Roos bonds you paid off in 2012: CFD#4 and CFD#2.

what multiple of your annual payments were your final payoff amounts? 5x? 10x?

My annual assessments are $3,600 for CFD#4 and $6,750 for CFD#2
Your payoffs are 5-7x my annual payments.
So, break even in ~7years, not counting the cost of money over those 7yrs if it had been invested.

For CFD#4, I contacted Poway Unified School District, 13626 Twin Peaks Road Poway CA 92064
and CFD#2 I contacted Willdan Financial Services 27368 Via Industria, Suite 200 Temecula, CA 92590

Waiting to hear back from both

Thanks!

Just a heads up, this is the old PUSD HQ address. It is now an adult continuing education center and motor pool for PUSD school buses, among other things.

The new (as of several years ago) HQ address is in Carmel Mountain Ranch just outside of Poway.

[concerned-taxpayer]

Thanks for the heads up - unfortunately I already mailed the request with the $100 check. I'll call them tomorrow to see if the mail gets forwarded to the new address

[49erfan916]

I didn't know you can pay them off early.

[concerned-taxpayer]

Originally Posted by 49erfan916

I didn't know you can pay them off early.

You can. Only makes sense if you're going to own the house long enough to break even. In my case probably 6 years to break even but i plan to stay in the house for the long run. I'll post the pay off quotes when i get them and the potential savings over the life of the bonds.

[Axxlrod]

I remember poster Early Retirement did this a few years ago, and posted very in depth analysis of it and how the whole process worked.

[concerned-taxpayer]

To get a payoff quote for CFD#2 use this website : https://www.wfspayoffquotes.com/index.php
There is a $500 fee for the quote which is applied to the payoff once it is made.