HomeMy WebLinkAboutFwd_ [External]Fwd_ Maturity CFD 90-2 City of Lake Elsinore - Correct Tax Bill__RedactedFrom:Jason Simpson
To:Brian Forbath; Shane Spicer
Subject:Fwd: [External]Fwd: Maturity CFD 90-2 City of Lake Elsinore - Correct Tax Bill?
Date:Wednesday, November 20, 2024 4:46:17 PM
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Jason Simpson
Begin forwarded message:
From: Jason Simpson <jsimpson@lake-elsinore.org>
Date: November 20, 2024 at 11:29:00 AM PST
To: "Timothy J. Sheridan" <tsheridan@lake-elsinore.org>
Subject: RE: [External]Fwd: Maturity CFD 90-2 City of Lake Elsinore -
Correct Tax Bill?
Good morning Tim -
Thank you for forwarding the email regarding Mr. Kilroy's inquiry about the
Community Facilities District (CFD) 90-2 levies on Tuscany Hills residents'
property tax bills.
The original levy covered 1,021 parcels, assessed per Category V of the
Rate and Method of Apportionment (RMA), specifying a 25-year maturity
period starting from the issuance of building permits for the parcels. Upon
reviewing the inquiry, Spicer Consulting Group evaluated the calculation
for parcel 363-365-048 and confirmed its accuracy. However, they noted
that the last debt service payment was made about a month ago.
Initially, the bonds were issued at a 9.25% interest rate, later refunded at
4.50%, allowing for accelerated debt repayment. While the RMA indicated
the levy would extend through FY2029-30 (based on the building permit
issued in June 2004), the early payoff provides relief ahead of schedule.
This parcel had six remaining years under the RMA, but will benefit from
the bond refunding and early redemptions.
We have coordinated with the Riverside County Tax Collector, who will
promptly remove the 90-2 levy from the tax roll and issue revised property
tax bills to the 424 property owners, including Mr. Kilroy. There were only
4 parcels that were paid, and those will be issued refunds.
I recommend you verify and acknowledge this overcharging of
taxes in a public meeting and direct the City Staff to develop a
plan for correcting the Property Tax Bills and doing a notification
mailing to all those affected.
You should consider holding a public meeting at the Tuscany
Hills Clubhouse, with the City Staff explaining the process for
correcting this mistake.
Sincerely,
Pat Kilroy
Forwarded message ---------
From: Treasurer Tax Collector <RCTTC@rivco.org>
Date: Wed, Nov 6, 2024 at 8:21 AM
Subject: RE: Maturity CFD 90-2 City of Lake Elsinore - Correct Tax
Bill?
To: Pat Kilroy >
Hello,
For questions regarding special assessments, please call the
telephone number of the agency that levied it. The phone number is
indicated on your tax bill corresponding to the assessment in
question.
Thank you,
Lizette Robledo
Senior Accounting Assistant
Riverside County Treasurer-Tax Collector
From: Pat Kilroy
Sent: Monday, November 4, 2024 9:23 AM
To: Treasurer Tax Collector <RCTTC@RIVCO.ORG>
Subject: Maturity CFD 90-2 City of Lake Elsinore - Correct Tax Bill?
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To whom it may concern:
My current property tax bill shows a charge of
2,163.38 for 68-FC CFD 90-2 Lake Elsinore.
Per the City of Lake Elsinore's weblink below, it shows
that this Community Facilities District was paid in full
on or about October 1, 2024.
https://www.lake-
elsinore.org/documentcenter/view/3447
Please explain the process or timeline for my property tax bill to
be corrected.
Parcel Identification Number (PIN) = 363365048
Thank you in advance for your assistance.
Pat Kilroy
Lake Elsinore, CA92532ConfidentialityDisclaimerThisemailisconfidentialandintended solely for the use of the individual(s) to whom itisaddressed. The information contained in this message may be privileged and confidentialandprotectedfromdisclosure. If you are not the author's intended recipient, be advised that you have received this emailinerrorandthatanyuse, dissemination, forwarding, printing, or copying of this email isstrictlyprohibited. If you have received this email in error please delete all copies, both electronicandprinted, and contact the author immediately.
County of Riverside California