By: Libi Uremovic, February 19, 2014 | Original Article at Patch.com
Mello Roos Special Taxes are assigned by the City and allocated to each Property Owner through the County Tax Assessor’s Office. The taxes should reflect the bonds issued.
The City of Beaumont has 24 Improvement Areas, 21 of which pays additional special property taxes. The Bonds 18 Improvement Areas. Improvement Areas 13, 21, and 22 have no bond debt and pay no special taxes.
Area 15A has no bond debt, but 71 property owners will pay $22,933 in Mello Roos Taxes.
Area 23 has no bond debt, but 107 property owners will pay $58,056 in Mello Roos Taxes.
Area 24 has no bond debt, but 40 property owners will pay $140,618 in Mello Roos Taxes.
Improvement Area 6 has five different special property taxes attached to their property, but only two bond issued.
The County states the City of Beaumont is scheduled to collect $31,157,438.60 in special property taxes from 9,000 property owners. The yearly interest and premium payments are $15 Million, which would leave the City with a $15 Million profit and begs the question: where’s the money?