Hundreds Of Lake Elsinore Property Owners To See Lower Tax Bills

Some Lake Elsinore property owners are going to see a lower tax bill soon.

During Tuesday night’s regularly scheduled city council meeting, council members unanimously approved resolutions that will reduce or stabilize assessments and special taxes in two Lake Elsinore communities.

The approved proposals reduce assessments and taxes because the city saw an opportunity to redeem some bonds and reissue new ones at much lower interest rates, according to James Riley, director of Administrative Services for the city.

Bonds are used to finance community improvements, such as streets and schools.

Riley said property owners in Community Facilities District 88-3 will on average save $178 a year starting in December, and that savings will increase annually, culminating in an average annual savings of $444 by the time the bond period expires in the year 2020.

CFD 88-3 stretches from Machado Street to the east, Lakeshore Drive and Mountain Avenue to the north, Alvarado Street to the south, and the city limits to the west. It includes approximately 2,012 developed parcels, according to Riley.

Riley said property owners in CFD 98-1 will also see significant savings. The average savings the first year out in this district is expected to be $619, with savings to grow annually. By 2033, which is the final year of the bond period, the average annual savings to individual property owners will be $1,364, according to Riley.

CFD 98-1 currently encompasses 645 parcels with approximately 421 homes and includes the northeast area of Railroad Canyon Road and the I-15.

Council members thanked Riley, other city staff members and consultants for their work on saving Lake Elsinore taxpayers’ money.

“We know how hard you work,” said Mayor Pro Tem Natasha Johnson. “I don’t know if residents know how hard you work.”

To read the specifics on what council members approved Tuesday night, click here.