The Natural Hazard report is very important for all home buyers. So many times I see home buyers skip over the Natural Hazard Report which is why I have them sign on the important pages, so I know they have seen it. The home seller provides this report for the home buyers and in the report are a variety of important disclosures.
One in particular is the Mello Roos tax and assessments. You ask… what is Mello Roos?
It came about in 1982 as a means of obtaining community funding for counties, cities and schools districts. The reason it came about was after proposition 13 passed back in 1978, since Prop 13 restricted local governments from raising property taxes more than the inflationary amount and monies were needed. In other words it was a way of getting around Proposition 13.
In Sacramento County, the County Assessor’s office posts the breakdown of property taxes, mello roos and assessment taxes on-line but unfortunately the other counties do not. Never buy a house without looking at your Mello Roos because the cost varies in the amount charged and home buyers don’t need to be surprised…best to be informed. These assessment amounts need to be added to your property taxes which in turn needs to be added to your monthly payment in order to make sure you feel comfortable with your house payment.
Another important disclosure in the Natural Hazard report concerns flooding and if you are required to have flood insurance on the house you are buying. Again, this report is extremely important so please home buyers read the Natural Hazard report.
Be sure to read more home buyer real estate tips or watch some of my home buyer videos where you can get more real estate tips not only during the time you are buying a house but after you are a homeowner and how to take care of your new home.
And if you would like to work with an experienced real estate professional, give me a call and I would be happy to help you.