What is Mello-Roos?
It was brought to my attention that a lot of real estate terms and lingo that I use on a day-to-day basis, aren’t widely understood. Just like any other industry, we get so used to throwing certain words around that we forget not everyone may be familiar. And if you’re a homebuyer or seller, it can feel intimidating, perhaps make you feel disconnected from the process. I’m going to bring up some basic terms that I’ve been asked in the past in order to educate and familiarize.
Term of the week: Mello-Roos
Mello-Roos is simply a special tax assessed to homeowners in a community as repayment for bonds used to fund the infrastructure within their community. The length of the Mello-Roos tax varies from subdivision to subdivision. Don’t worry. As a homebuyer, when you sit down with the lender to discuss what your monthly mortgage payments will look like, we will be sure to incorporate any taxes and fees that would be included. Whether that’s HOA fees, Mello-Roos, PMI, etc., we will include everything so you are absolutely clear on what you will be responsible for. And as always, we will always make sure you are in a situation you are comfortable with that won’t leave you overwhelmed.