Residents in several San Elijo neighborhoods will see a nice windfall on their property tax bills thanks to bond refinancing by the city of San Marcos.
The City Council this summer approved the refinancing of the $20.6 million community facilities district bonds in the Saverne, Azure, Cambria, Woodley’s Glen, Crestview, Waterford, Village Square and Westridge neighborhoods.
These bonds were part of the district the city formed in 1999 to help finance the grading, street construction, utilities, parks and trails in the neighborhood. Homeowners pay the bonds back through Mello-Roos taxes, which are expected to run until 2035-36. The city was able to refinance the bonds and lower the interest rate from 4.82 percent to 3.55 percent while keeping the same payment schedule.
On average, homeowners in those neighborhoods will save from $120 to $450 per home based on the size of their home. They will see the savings on their property tax bills next year.
The bond refinancing will collectively save residents in these neighborhoods about $3.9 million over the life of the bonds, city officials said.