Beginning this year, many Indio residents will be seeing a savings in their 2014/2015 annual property tax bills, estimated to be between $152 to $221 per residence, city officials announced Thursday.
They said savings for all 2,284 affected residences/parcels, over the life of the bond terms, total over $8.28 million.
According to a release, these savings are made possible through actions taken by the Indio City Council and Finance Department to refinance the debt held by eight local Community Facilities Districts and Assessment Districts. With the current lower interest rates, these eight districts representing 36% of the twenty-two local community facilities and assessment districts in Indio will benefit from the savings.
Community Facilities Districts, commonly known as Mello-Roos Districts, are used to finance local public facilities and provide funding for public services.
Assessment Districts established under the Municipal Improvement Act of 1913 and bonds issued under the Improvement Bond Act of 1915, are used to finance various public improvements throughout the district boundaries, officials said in the release.
For detailed information on each of the eight districts, or to see if you’re affected, visit www.indio.org/refinances2014.