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Apache Junction council approves higher CFD tax rates and lot assessments to restore bonding capacity
Summary
Council approved amendments to two community facilities districts after developers cited lower assessor valuations that reduced bonding capacity; measures raise CFD rates to $5.00 and increase per‑lot assessments (vote 5–1).
Apache Junction's City Council on April 21 approved amendments to two community facilities districts (CFDs) that raise district property tax rates and increase per‑lot assessments after developers said lower home valuations have reduced bonding capacity.
Bond counsel Zach Sikis told the council the proposed first and third amendments respond to changes in county assessor practice that lowered valuations of new homes and therefore reduced the districts' ability to issue bonds. "The developer in each group has requested an increase to the CFD property tax rate ... from $3.30 to $5 and…
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