BUYER RESOURCES
Riverpark Realty provides full award winning real estate services throughout Ventura and Los Angeles Counties. Professional Realtors ready to assist with searching for your first home, dream home, vacation home or investment. We will be there for you every step of the way to make your real estate buying experience a pleasant one.
Our clients are as diverse as the properties we represent. Whether it's a first time buyer looking for a town home, or a celebrity in search of a million dollar luxury hideaway, every client is treated equally with the best service possible. For buyers, Riverpark Realty is the right choice. Contact us today for all your real estate purchase needs.
Our clients are as diverse as the properties we represent. Whether it's a first time buyer looking for a town home, or a celebrity in search of a million dollar luxury hideaway, every client is treated equally with the best service possible. For buyers, Riverpark Realty is the right choice. Contact us today for all your real estate purchase needs.
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Military Relocation Professional
Nancy Villasenor is recognized by the National Association of Realtors as a certified Military Relocation Professional (MRP). Knowledgeable and ready to assist military personnel and veterans find housing solutions that best meet their needs and allow them to take full advantage of their military benefits. |
Investments, Fix and Flip, Rentals
There are many ways and reasons for investing in real estate. Whether it's to gain financial security or extra income, it is always a good time to invest in real estate. We work with local investors to find and evaluate potential investment rentals and or fix & flip properties. Contact us for more details. |
Foreclosures, Bank Owned REO
Riverpark Realty is a certified specialist in the management and sale of foreclosed, bank owned REO properties. We have established relationships with banks and asset managers, assisting them in the sale of hundreds of bank owned homes. Contact us today for a free foreclosure list. |
WHAT IS MELLO-ROOS
Mello-Roos refers to "special" tax districts. In 1982, Senator Henry J. Mello and former Assemblyman Michael Roos won passage of the Community Facilities Act (more commonly known as Mello-Roos). This legislation authorized Mello-Roos Community Facilities District as a way to assist cities, counties and school districts in providing new infrastructure and facilities after governmental funds were cut by the passage of Proposition 13 in 1978.
Prior to Proposition 13, state and local governments used income collected through property taxes to build new roads, schools, parks, police, fire departments and other community facilities. In order to continue establishing residential areas, these same governments were forced to require builders of new communities to pay for these public facilities. Consequently, these funds were added to the cost of homes resulting in price increases that affected new home buyers. As a result, fewer people were able to afford higher-priced homes and those who could had to wait for the public facilities to be built.
Under the Mello-Roos Community Facilities Act, landowners put up their land as collateral so that public agencies, like a school district, could raise money to pay for vital basic public facilities. The public agency forms a Mello-Roos Community District that sells bonds to fund the construction of these new public facilities. The bond allows for payment over a specific amount of time through special taxes levied on the property owners of that particular district. Mello-Roos taxes are then collected by the County Tax Collector in addition to the normal property tax, as part of the property tax system.
Although, not all new home communities are affected by the Mello-Roos special taxes. For example, sometimes a new neighborhood is built within existing communities. Public facilities are already in place, they are not subject to Mello-Roos taxes.
Mello-Roos taxes may be tax deductible. For a more comprehensive understanding of the legal and tax consequences of Mello-Roos, appropriate consultation is recommended with an attorney and or CPA for specific advice.
Prior to Proposition 13, state and local governments used income collected through property taxes to build new roads, schools, parks, police, fire departments and other community facilities. In order to continue establishing residential areas, these same governments were forced to require builders of new communities to pay for these public facilities. Consequently, these funds were added to the cost of homes resulting in price increases that affected new home buyers. As a result, fewer people were able to afford higher-priced homes and those who could had to wait for the public facilities to be built.
Under the Mello-Roos Community Facilities Act, landowners put up their land as collateral so that public agencies, like a school district, could raise money to pay for vital basic public facilities. The public agency forms a Mello-Roos Community District that sells bonds to fund the construction of these new public facilities. The bond allows for payment over a specific amount of time through special taxes levied on the property owners of that particular district. Mello-Roos taxes are then collected by the County Tax Collector in addition to the normal property tax, as part of the property tax system.
Although, not all new home communities are affected by the Mello-Roos special taxes. For example, sometimes a new neighborhood is built within existing communities. Public facilities are already in place, they are not subject to Mello-Roos taxes.
Mello-Roos taxes may be tax deductible. For a more comprehensive understanding of the legal and tax consequences of Mello-Roos, appropriate consultation is recommended with an attorney and or CPA for specific advice.