Some Murrieta Property Owners To See Lower Tax Bills

MURRIETA, CA — The city of Murrieta recently sold $29.075 million of bonds and the proceeds are expected to benefit some of the city's property owners, according to city officials.

Proceeds from the May 12 sale of local agency revenue refunding bonds were used to refund five outstanding series of bonds issued by community facilities districts in Murrieta. As a result, property owners within those CFDs will see average annual savings ranging between $337 and $605 per parcel per year starting with their fiscal year 2022-23 property tax bills, according to the city.

The affected CFDs include: CFD No. 2000-1 (Greer Ranch); CFD No. 2001-1 (Bluestone Communities/Murrieta Highlands) Improvement Area A; CFD No. 2001-1 (Bluestone Communities/Murrieta Highlands) Improvement Area B; CFD No. 2003-1 (Murrieta Springs); and CFD No. 2003-2 (Blackmore Ranch).

"By taking advantage of the historically low interest rates at the time of sale, the City locked in over $11 million in gross cash flow savings," according to a city of Murrieta news release. "This process did not extend the length of the bonds, nor did it cost the City of Murrieta any General Fund monies."