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August 14, 2012

Mello Roos

Mello Roos is a type of real estate property tax assessed in the state of California when people buy homes in areas designated as Community Facilities Districts (CFD). This special tax is levied to pay back municipal bonds acquired to provide residents with public utilities and services.

The special Mello Roos tax was established in 1982 by Senators Henry Mello and Mike Roos. Its purpose was to overcome tax deficiencies that occurred when Proposition 13 was signed into legislation.

This special tax only applies to properties situated in CFDs. In order for a neighborhood to be classified as a community facilities district at least two-thirds of residents have to vote in favor of implementing the Mello Roos property tax.

Real Estate Investing article on "Mello Roos "