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Mello Roos Bonds Expire – But Your Local Government May Not Tell You!
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Mello Roos Bonds Expire – But Your Local Government May Not Tell You!
What you see below is (probably) more common than we all think.
The link below is to an OC Register post. Their post is a “feature” piece, and it’s too long to post here; hence, I just featured a link and one descriptive paragraph.
“Municipal Bonds” that have been paid off in Lake Elsinore “mysteriously” took on a life of their own; they would have (most likely) been collected in perpetuity had it not been for Pat Kilroy’s vigilance.
Mr. Kilroy’s actions can be easily replicated by tracking Mello Roos/ Special Assessment District’s bond expiration dates because your clients “won’t.”
This process can be tedious because county and local governments don’t always have an easily accessible “lookup tool.“
Moving Forward
3.3.7.1 Assessment Bonds
California Debt Financing Guide
How to Use the Guide
The links above require users to set up a (free) user profile. Each county has its “own” lookup tool.
Except for Orange County
This link https://mello.ocgov.com) doesn’t require a user profile and is in the public domain (free).
Here’s other information I’ve found on the web about locating Mello Roos Bonds
Step One:
This information on a property tax bill may also contain the term “CFD.”
What is a CFD?
A CFD is a public improvement district separate from a municipality and funded by a special tax on taxable properties within the district.
You will search by location using the “Secured Property Tax Parcel Number” (Parcel Number) in the middle of your Property Tax Bill.
Step Two:
With the parcel number in hand, go to the following link: “Special Assessments” OR the data field “CFD.”
What is a CFD?
A CFD is a public improvement district separate from a municipality and funded by a special tax on taxable properties within the district.
Step Three
You will also see a corresponding information telephone number associated with each CFD, which will lead you to specific details about each CFD, I.e.
a) the bond issue and maturity date,
b) benefits (services) provided by the bond,
c) debt service on the bond,
d) maximum increases that may occur for the special tax (associated with the bond and your parcel),
e) and other related aspects, as provided directly by the CFD Administrator or City.
In Conclusion
“Good Govt Costs – Bad Govt Costs More”
Lower taxes and more responsive local governments are not “red or blue” issues; they are “green” ($$) issues.
Even if no Mello Roos bonds are expiring, vigilance on your client’s behalf will bring you more web traffic and a higher social media profile.
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