TaxType: Mello-Roos Community Facilities District

Summary:
Community Facilities District No. 1 was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 1987 along with the issuance of up to $138,251,618.00 in bonded indebtedness. Bonds were issued to pay for certain public facilities and/or services that benefit the district. A special tax is levied on properties in the district to pay the interest and principal on the bonds as well as administrative expenses.


Facilities:
Proceeds from the sale of Bonds and the special taxes collected will be used to finance elementary school, middle school and high school facilities.


Services:
None


Calculation:
Each fiscal year, the School District calculates the special tax to be levied against taxable property within CFD No. 1 based on the provisions of the Rate and Method of Apportionment, adopted during the formation of CFD No. 1. The RMA defines two (2) categories of taxable property "Developed Property" and "Undeveloped Property". Developed Property is in turn divided into fifteen (15) separate rate classifications which vary with land use (e.g., single family detached, single family attached and apartment/mobile homes and dwelling unit size.


Increases:
Each fiscal year following the first year a parcel is taxed as Developed Property the special tax rate applicable to such parcel shall be escalated in an amount not to exceed two percent (2%) per fiscal year. However, the special tax rate may be escalated up to an additional two percent (2%) per fiscal year, only if the Board of Education determines prior to the commencement of each such fiscal year, at an annual public hearing on such matter duly added and noticed, that such rate of escalation for such fiscal year is necessary to pay debt service, fund a required sinking fund, and finance school facilities for such fiscal year. In no event, however, shall the escalation of the Annual Special Tax exceed four percent (4%) for any one Fiscal Year..


How Long:
Each assessor's parcel is subject to the annual special tax for a period not to exceed 24 years following the first fiscal year in which it is classified as Developed Property. "Developed Property" means any Residential Property for which a building permit for a residential dwelling unit(s) has been issued by March 1st of the prior Fiscal Year.