Tax Bill Name:
POWAY UNIFIED CFD#7
Community Facilities District No. 7
Documents on File: 49
TaxType: Mello-Roos Community Facilities District
Community Facilities District No. 7 was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 1998 along with the issuance of up to $15,000,000.00 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.
Proceeds from the sale of Bonds and the special taxes collected will be used to finance elementary school, middle school and high school facilities along with central administrative/support facilities and interim student housing of benefit to the properties within its boundaries.
Each fiscal year, the School District calculates the special tax to be levied against taxable property within CFD No. 7 based on the provisions of the Rate and Method of Apportionment adopted during the formation of CFD No. 7. The Rate and Method of Apportionment defines two (2) categories of taxable property, "Developed Property" and "Undeveloped Property".
The maximum special tax for New Developed Property in the district increases by the greater of the annual percentage change in the Marshall & Swift Class D Wood Frame Index or two percent (2%) each fiscal year. The maximum special tax for the Existing Developed Property in the district increases two percent (2%) each fiscal year, while the actual annual special tax may vary with the needs of the district provided that the amount does not exceed the maximum special tax.
The special tax shall be levied for a period of thirty-five (35) fiscal years after the last bond series is issued, but in any case not after fiscal year 2038-39.