Melo-rooz 2% increase?

[yoyo2012]

First time buyer here. I'm looking at different neighborhood in Irvine. I need some help regarding the potential 2% increase of melo-rooz. Is that in any neighborhood? Or only some of the newer ones. By searching on the message board, beacon park seems to be subject to that increase. What about already built homes in Woodbury and Stonegate. Or new homes in Portolla springs and soon to be Eastwood.

Also, I've looked at some of the townhomes in Beacon park 650-750k. And melorooz is ~5k. Is this 5k for 30+ years?

Help is appreciated

 

[aquabliss]

I don't believe TIC villages have increasing Mello Roos.  Like clockwork, your $5k BP MR will increase $8.33 per month during your second year of ownership.  If you can't afford to pack your lunch and take it to work once a month to cover this, then Eastwood is calling your name.

 

[tabz]

Pavilion Park Mella roos is also subject to increase 2% annually. But the sales people at BP will tell you it is not a guarantee it will increase, just a disclosure that it might. Any PP residents who can comment on this?

 

[eatthis]

Pavilion Park Mella roos is also subject to increase 2% annually. But the sales people at BP will tell you it is not a guarantee it will increase, just a disclosure that it might. Any PP residents who can comment on this?

PP Mello went up by the max 2% this year. I would not take the word of the sales people. They are there to sell. You should assume it will go up by the max every year and hope for the best. If you're not comfortable with that I'd hesitate to buy.

 

[dream16]

Pavilion Park Mella roos is also subject to increase 2% annually. But the sales people at BP will tell you it is not a guarantee it will increase, just a disclosure that it might. Any PP residents who can comment on this?

PP Mello went up by the max 2% this year. I would not take the word of the sales people. They are there to sell. You should assume it will go up by the max every year and hope for the best. If you're not comfortable with that I'd hesitate to buy.

So as a new condo buyer, we literally have no control over how the city of IR decides to play with our lives? Nobody is going bankrupt in a little increase but my issue is credibility of the county folks or whoever is involved in hiking prices for another 30 years minimum

 

[Ready2Downsize]

It's an automatic 2% increase unless properties drop significantly which would entice the county assessor's office (city has nothing to do with your property taxes) to drop property taxes.

You can always apply for a decrease in property taxes if you think the assessed value is lower than what your house is worth. If property values fall in general the assessor drops the assessed values on his/her own rather than incur the expense of looking at each application on it's own.

I would assume it's a 2% increase in mello yearly. Don't listen to the sales person. They will be long gone when you have to pay your taxes. Their job is to sell houses and move on as quick as possible.

 

[yoyo2012]

I don't believe TIC villages have increasing Mello Roos.  Like clockwork, your $5k BP MR will increase $8.33 per month during your second year of ownership.  If you can't afford to pack your lunch and take it to work once a month to cover this, then Eastwood is calling your name.

Out of curiosity, how come Eastwood doesn't see that potential 2% increase but BP does? It makes a huge difference. BP MR also seem higher than TIC properties.

Any idea of what to expect Eastwood MR to be?

 

[AW]

They all have the potential to go up 2%

EW most likely similar to SG ~1.4% tax + mr

BP will most likely see the full 2% compared to EW since GP is still messy

 

[lnc]

Any idea of what to expect Eastwood MR to be?

My guess is $3500-$4000 for Belvedere and Piedmont.  The MR should be comparable to the similar size house at Stonegate and CV. 

 

[yoyo2012]

They all have the potential to go up 2%

EW most likely similar to SG ~1.4% tax + mr

BP will most likely see the full 2% compared to EW since GP is still messy

I thought TIC MR can't go up by 2%.

 

[AW]

Not sure if Irvine pacific has any of that info, but I do have a brochure for sausilito in SG that states it can go up by 2%. 

 

[Cornflakes]

I don't believe TIC villages have increasing Mello Roos.  Like clockwork, your $5k BP MR will increase $8.33 per month during your second year of ownership.  If you can't afford to pack your lunch and take it to work once a month to cover this, then Eastwood is calling your name.

May be you end up paying slightly higher price for comparable home in Eastwood for not having the luxury of 2% increase? I have a feeling that developer/builder's pricing people would be smart enough to factor that in and adjust the prices accordingly. Plus, Eastwood phases open up in spring/summer timeframe, so there is likely a premium on price just for that.