Lambert Ranch Will Be Irvine’s Only New Community With No Added Tax Assessment
Aliso Viejo, Calif. (February 21th, 2012) – The New Home Company has announced there will be no Mello Roos taxes at Lambert Ranch, making the development the only new home community in Irvine to offer no additional tax assessment. The announcement came directly from The New Home Company Partner and CEO Larry Webb.
The elimination of Mello Roos fees at Lambert Ranch is one of its many distinguishing advantages as it emerges as Orange County’s most anticipated 2012 residential development. The gated, master-planned community of 169 luxury residences in the hills above Irvine offers inspiring views from many homes. It also features innovative home-design concepts for today’s families. The model grand opening is anticipated for late April.
“Families have a hard enough time paying normal real property taxes, let alone the special taxes imposed by Mello Roos,”says Webb. “We are making sure that Lambert Ranch, which looks over Orange County from the hills of Irvine, also surpasses all other new communities in Irvine by eliminating these special assessments. It is one more important way that The New Home Company offers homebuyers a better way to live.”
“Unlike general real property taxes, it has long been unclear whether Mello Roos taxes are deductible for income-tax purposes,” said Webb. “Historically many homebuyers deducted Mello Roos taxes anyway, adding it to their general property taxes. But starting with 2012 tax returns, the State of California Franchise Tax Board instituted new software targeting homeowners who try to write-off Mello Roos payments. This is one more compelling reason for homeowners to avoid communities that charge them. Of course, under current law our buyers can continue to write-off all of their standard general property taxes.”
Asked if The New Home Company is simply replacing Mello Roos taxes with higher home prices at Lambert Ranch, Webb replied, “Some of the cost may be passed to the homebuyer. However, this does not significantly impact the cost of the home. In fact, our prices will be comparable per square foot with projects in Irvine that are subject to Mello Roos fees. And buyers in those communities will have to pay these fees every year.”
Above All Else in Irvine
Mello Roos or “CFD” fees refers to California’s Mello Roos Community Facilities District Act, which allows developers to borrow funds needed for major improvements and services (schools, roads, libraries, police and fire protection) through the sale of public bonds. The obligation to repay the bonds is then usually passed on to homebuyers by adding “special taxes” on the homebuyers’ real property tax bills.
Composed of three inspired neighborhood – The Field, The Grove and The Hill – Lambert Ranch is one of Orange County’s most anticipated new communities in years and a benchmark masterplan for The New Home Company. Close to Irvine’s superb, award-winning schools, and enhanced by abundant gardens, parks and mature landscaping, Lambert Ranch features generational estates, guest houses and private quarters flexibly designed for today’s family. At the heart of the community is the Ranch House, the resort-sized recreation space and social center designed specifically for the families of Lambert Ranch.
Interest lists are now forming at http://www.lambertranchirvine.com/neighborhood/lambert-ranch-irvine.
About The New Home Company
The New Home Company has quickly established itself as the premiere homebuilder in California. Founded two years ago by residential development leaders Larry Webb, Wayne Stelmar, Tom Redwitz and Joe Davis, the company holds itself to the highest standards of integrity, design and execution. Since its inception, TNHC has closed ten land transactions totaling more than $96 million. The 2010 acquisition of Lambert Ranch was the largest OC land transaction for the year. The New Home Company continues to grow, planning development in some of the most sought after real estate in the country, including Orange and Marin counties.
Media Contact: Steve Fisher
Paolucci Communication Arts | Public Relations
(310) 791-2759 ext. 320