Some Property Taxes to Decrease This Year

Homeowners in the Tustin Ranch area will see a drop in their property tax bills this year after about $100 million in outstanding bonds are refinanced.

“Now is an opportune time for us to take advantage of lower interest rates and certain changes in the law regarding assessment district bonds,” said city Finance Director Ron Nault.

The plan was approved by the City Council on Monday, and the deal is expected to be finalized by next month.

Nault said that property owners in the area bounded roughly by the Santa Ana Freeway, Orange city limits, Jamboree Road and Browning Avenue will save 10% to 30% on their bills beginning in July.

Yearly payments for homeowners currently range from about $570 to $3,000, Nault said.

“Depending on when they bought their homes, some [owners] will save significant amounts and some not as much as others,” Nault said.

The bonds were issued for several assessment districts in the east Tustin area during the late 1980s, Nault said. The bonds raised $130 million for infrastructure development, including roads, lights and storm drains, he said.