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Do you know what Mello – Roos is in California?

Posted on Sep 17, 2010 by in Active Rain | 0 comments

Do you know what Mello – Roos is in California?

Do you know what Mello – Roos is in California? This is a Special Tax assessed on the Land, where the property is located at.  In other words, there is a Mello – Roos District that is created and if you have a property inside of it you will pay a special Tax. Generally this is an area that has decided to seek public financing through the sale of bonds in order to finance public improvements and services.

Needless to say the tax will be in effect until the principal and interest on the bonds are paid off. Generally it is more than five years (5) and never more than forty (40) years.  Also if you do not pay this tax or are late, then there can be a lien put on your property and a judicial foreclosure could occur. In other words these special tax payments are subject to the same penalties, which apply to regular property taxes.

If you are trying to sell your property you will notice that this tax is a lien on your property. It will have to be paid prior to close of Escrow. Just like any other Tax Federal, State or Local.

In Los Angeles there is one Mello – Roos District, it is on the West Side. It is Playa Vista, the first Planned Urban Development in the past forty (40) years.  The streets, the sidewalks, the open space, these were designed simultaneously and this enhanced the whole community. If you have never been in Playa Vista make sure you drop by and check it out. It is very unique, a modern city within the city.

 If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.

 

 

 

 

 

 

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