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Board approves lower special-tax rate for CFD 2023-2; district funding unchanged
Summary
The board adopted Resolution No. 2026-27-05 to reduce the special-tax rate for Community Facilities District 2023-2 after a developer request; staff said the district’s dollar receipts will not change, with the reduction absorbed by EMWD and the City of Moreno Valley and homeowners likely to see a lower tax bill.
The Board of Education adopted Resolution No. 2026-27-05 to authorize a reduction of special taxes for Community Facilities District 2023-2 following a staff presentation explaining that a developer requested the change because the housing product had changed and the prior tax rate made homes harder to market.
Susana Lopez told the board the district’s dollar amounts would not change ‘‘even with that reduction in the percentage, which is good news because the dollar amounts would remain the same.’’ Lopez said the revised calculations keep the tax rate at or below 2 percent and that the reduction would instead be absorbed by EMWD and the City of Moreno Valley; homeowners purchasing within the CFD should see a lower tax bill. The board approved the resolution by a 5-0 roll-call vote.
