Res20 15899 - Laserfiche WebLink

Browse Search

10/26/2020 IV. Criteria for Evaluating the Eguitv of Tax Allocation Formulas and Concerning Desirable and Maximum Amounts of Special Tax to be Levied Against Any Parcel. It is the goal of the City that each taxpayer residing within, or owning property within, the boundaries of any CFD hereafter established by the City pay special taxes which generally reflect such taxpayer's fair and reasonable share of their projected benefit from, and/or burden upon, the facilities to be constructed and/or maintained or of any refunding of existing debt within the CFD by such CFD. It is the goal of the City that maximum Mello -Roos special taxes on residential owner -occupied property, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Mello -Roos Act and assessments applicable to such property, do not exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property. Nevertheless, special taxes, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Mello -Roos Act and assessments applicable to such property, may exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property if the City determines at the time of formation of a CFD that over the term of the bonds, the special taxes, ad valorem taxes and assessments are expected to average two percent (2%) or less per year of the greater of the assessed value or appraised value of such property. It is further the policy of the City to comply with the provisions of Section 53321 of the Mello -Roos Act with respect to the escalation of maximum taxes. V. Definitions. Standards and Assumptions to be Used in Appraisals Required b Section 53345.8. It is the goal of the City to conform, as nearly as practicable, to the California Debt and Investment Advisory Commission's Appraisal Standards for Land Secured Financings, as such standards may be amended from time to time; provided, however, that this City Council may additionally amend such standards from time to time as it deems necessary and reasonable, in its own discretion, to provide needed infrastructure improvements and services within the City, while still accomplishing the goals set forth herein. ATTY/RESO.0119/CC RESO LOCAL GOALS AND POLICIES FOR COMMUNITY FACILITIES DISTRICTS RESO. NO. 15899 REV: 10-21-2020 VR MUFF NO. 506 Page 4 of 4