Recently, the CUSD Board of Trustees reduced its taxes and lower its debt by refinancing our Community Facilities District (Mello-Roos) bond. This resulted in a $17.4 million tax savings over 20 years which equates to $314 per affected property each year.
At the board's August 14th, 2013 meeting, the trustees voted to keep and spend our savings instead of reduce our property taxes, as originally promised. The same night, the same board voted to reduce taxes for Las Flores residents. Talega received no such reduction. This represents unfair taxation and unjust inequity for Talega residents.
We, the undersigned, advocate and demand that the board treat all taxpayers fairly. Like our CUSD neighbors in the Las Flores area, we too would like to realize our tax savings from the recent "Mello-Roos" bond refinance.
Big Surprise, in stead of passing along the reduction of property taxes to property owners, they voted to keep the savings, par for the course in the Liberal State of California.
Stop treating all of us in Talega like we are your own open checkbook and cut us some slack !!!!
Hi Talega Friends,
Thank you to everyone who turned out tonight for the CUSD Board meeting on two items pertaining to Talega's 2 bonds governed by CUSD. About 45 Talega residents, Robert Ming, the frontrunner in the Board of Supervisors 5th District Race, Craig Alexander, CUSD Board Candidate for Area 4, Kathleen Ward, Candidate for City Council, and Sharon Campbell, tax advocate for CFD 87-1 joined us in support of fair taxation. Thank you to the members of the school board who voted unanimously to lower special taxes for everyone in Talega. And, special thanks to Board Trustees Jim Reardon and Ellen Addonizio for steering the discussion in the right direction for the taxpayers' benefit.
We've said previously that even the smallest actions have been steps in the right direction. Well, tonight we witnessed significant steps towards tax relief for Talega taxpayers which led to major taxpayer victories. In summary, the Board actions accomplished two things:
1) AGENDA ITEM 3: The motion by Trustee Reardon and seconded by Trustee Addonizio, was supported by the full board to reduce the bond coverage ratio for CFD 90-2 Mello-Roos taxes from 146.2% to 110% which is sufficient for a community like Talega with a low 1.5% delinquency rate and still provides for over-collections to protect the bondholders and the district, while meeting the minimum coverage ratio by law. Remember, CFD 90-2 affects all 3,515 properties in Talega ("new" and "old" Talega). The Board had initially considered lowering to a 123% coverage ratio. The 110% coverage ratio significantly reduces the amount of surplus taxes the district will collect. Currently $9.6M in surplus taxes are held in the Talega CFD account (primarily from a 2006 bond refinance in which $6.3M in tax savings resulted but were never passed onto taxpayers in accordance with the law, plus the 2% annual escalator imposed on Talega taxpayers).
2) AGENDA ITEM 19: A suggestion was made by Trustee Reardon to forgo the 2% escalator on IA 2002-1 bond (this is the annual increase to Mello-Roos taxes the district has imposed since Talega was formed). David Taussig's bond consultant reassured the Board there is no impact to the General Fund; it just reduces the "pay go funds" (aka surplus tax collections). So taxpayers of "new" Talega IA 2002-1 (1,787 properties) will not see a 2% increase in their taxes when they receive their property tax bills this October.
Last, but not least, thank you for the impactful and effective public testimony provided by Marc Veale, Mike Ray, Jason Ewell, Ken Czaja, Art Tuverson, Felipe Guedes, Debbie Flowers, Andrea Ewell, Parker Wondries, and Laura Ferguson.
Talega Residents for Fair Taxation
Richard Rice6 months ago
James Stonecypher6 months ago
Nima Amini, United States7 months ago
- Petition has reached 100 signatures!
- We are now live!