When looking for a new home in Antioch, California the buyer always has to decide one important factor, do I MELLO ROOS or not?
Now please bear in mind I am not a financial adviser nor am I a Tax Consultant, I am just a Real Estate Agent, but here is some information from Duane Gomer Seminars FaceBook Posting dated Jan. 14,2012, that may help you decide “Should I MELLO ROOS or Not?”
The Wikipedia definition of a MELLO ROOS tax is………
A Mello-Roos District is an area where a special property tax on real estate, in addition to the normal property tax, is imposed on those real property owners within a Community Facilities District. These districts seek public financing through the sale of bonds for the purpose of financing public improvements and services. These services may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection to newly developing areas. The tax paid is used to make the payments of principal and interest on the bonds.
Mello-Roos is tax deductible in some cases but not in others.
From Duane Gomer Seminars;
MELLO ROOS: The State Franchise Tax Board has announced that in the future they will be checking taxpayer’s deductions for Property Taxes. They, as I do believe that most homeowners deduct all the amounts on the Tax Bills; the amounts for MELLO ROOS charges and other assessments are not deductible by existing State Law. Everyone just seems to do it. What does this mean? If you pay MELLO ROOS, you will lose the deduction. The maximum State Tax Rate is about 9.3% so if you pay $5,000 it will cost you an additional $465. Another problem; State and Federal authorities interact regularly so expect to pay extra Fed Tax.
So when looking for a new home in Antioch, California remember you the buyer have to decide, do I MELLO ROOS or not? And your local REALTOR (that’s me) can help make your search an easy and simple one, no matter how you decide.
So give Mike with Area Pro Realty Bay Area Villas a call at (925)550-9194 today “We can Help”
http://www.michaelroache.areaprorealty.com http://www.michaelroache.bayeastweb.com
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