The solutionIn 1982, Senator Henry Mello, and Assemblyman Mike Roos legislated a way around Prop 13. Now developers could legally take out a bond to build the infrastructure and pass on the bond payments on to the new homeowners. Mello-Roos legally circumvents Prop 13 because it is not levied on the assessed value of the property. It is a flat payment to pay off the bond. Thre is a one-time extension to keep the Mello-roos payments going. Never the less, Mello-roos do normally get paid off eventually…over the course of up to 40 years. Homeowners even have the option to pay off their property’s share of the bond early. This would allow them to live out the rest of their days in a Mello-roos free home. They can even sell the property to the next owner Mello-roos free! How to do so is a blog post for a later time.
Mello Roos has such a stigma and brings down the sales price of a home, but why was it invented? See a new fun twist on the Mello Roos Origin story.0 comments
With the Tax Cuts and Jobs Act signed into law back in December 2017 there are a few new rules that home sellers should know about.0 comments
An infographic with a few bits of important tax information that first-time buyers should be aware of.0 comments