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Extra property taxes generates nearly $1 bill. for San Diego

Posted by The Aramco Group on Mon, Oct 9, 2017 @ 17:10 PM

San Diego homeowners have paid nearly $1 billion in Mello-Roos taxes since 2012, according to an analysis from inewsource.org.

The tax, created in 1982, was created to generate revenue for infrastructure needs in new communities, particularly schools. Named for two legislators, Henry Mello and Mike Roos, the special assessments in San Diego average $1,826 per year according to recent data. The exact amount is disclosed to buyers during the escrow process and are levied as a part of annual tax bills. The assessment generally lasts from 20 to 45 years.

In addition to new primary and secondary schools, residents may also see a return on their taxes through new police stations, paramedic facilities, libraries and parks. Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 3.875 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.