HomeMy WebLinkAboutLetter to Tuscany Hills NeighborsTAX QUESTION?
11-20-24
Why are Tuscany Hills Homeowners being charged $885,115 in Property Taxes
when the infrastructure bond was scheduled to be Paid-in-Full on October 1st?
Your Riverside County Tax Bill shows a charge as “CFD 90-2 Lake Elsinore”, with
the average homeowner billed $2,087. I believe the actual amount is ZERO and I’m
trying to get the City’s Finance Professionals to confirm & correct.
The CFD 90-2 2007 Series-A Bond (loan) is a Mellow-Roos property tax, in which
the original amount was $7,340,00 and used to build infrastructure, like paved
streets, water & sewer.
The good news is the City’s Annual Report on CFD 90-2 shows it matured on
October 1, 2024. According to the City’s Budget Glossary of terms…”Maturity Date”
means the date that the principle of a bond becomes due and payable in full. The
City’s Annual Report now shows ZERO ($0.00) principal outstanding on 10-1-2024.
So, after 17-years of paying this tax you’ll now be able to keep & spend about $2,087
average savings) every year. That tax savings gives you more money to buy things
you need or want, like a new refrigerator or water heater or on having fun. Yahoo!
The bad news is the City has continued the CFD 90-2 property tax for next year
despite the bond maturing on October 1, 2024. I believe this is wrong!
I request that all Tuscany Hills Homeowners support my efforts to get answers by
showing up at the next City Council meeting, in which I intend to state my case and
ask hard questions. Please spread the news.
City Council Meeting
Tuesday, November 26, 2024 at 7:00 PM
Cultural Center
183 N. Main Street, Lake Elsinore
Sincerely,
Pat Kilroy