The first issuance of general obligation bonds to be repaid with secondary property taxes was recently approved for Superstition Vistas Community Facilities District No. 1 and No. 2 in south Apache Junction.
The SVCFD No. 1 board, comprised of members of the Apache Junction City Council, voted unanimously Nov. 19 to approve a feasibility report and authorize issuing bonds related to the acquisition and financing of improvements benefiting the district and levying property taxes to repay the bonds.
Homeowners will pay $3.30 per $100 in net assessed limited property value, with an additional $0.30 per $100 of net assessed limited property valuation for an operations and maintenance tax, the feasibility report states. Assuming the approximate average parcel full cash valuation of $336,000 and net assessed limited property valuation of $15,000, the district portion of a tax bill for a homeowner will be approximately $45 per month or $540 annually.
