What Are Mello Roos Taxes? | Are Mello Roos Worth the Money?
Mello Roos - have you heard of them?
They are an additional property tax levied against a home in a newer neighborhood or development. Mello Roos are paid annually and the amount is typically 1-1.5% of the property’s purchase price.
These taxes are used to pay off bonds issued to developers when the communities were built to support infrastructure, school systems, and everything necessary to facilitate the development of the community.
Luckily, these bonds don’t last forever. A common Mello Roos bond typically lasts for 20-25 years, but by California law, they cannot exceed 40 years.
So, are Mello Roos worth it? That is ultimately up to you and what type of community you’re looking for.
If you have any questions about Mello Roos taxes or finding the right neighborhood for your lifestyle, schedule a call with me through this link, https://calendly.com/ryanschramm.