There’s good news for residents of The Retreat, Montecito Ranch and Sycamore Creek. The assessment you pay on your taxes for a Lee Lake Water District Community Facility District (CFD), has been lowered.

The CFDs (Mello-Roos taxes), were created and bonds issued to finance construction of the water and sewer infrastructure when each of the communities was built. The costs of the bonds is paid for by homeowners through assessments on their annual property taxes.

At its Tuesday meeting, the water district’s board of directors voted to refinance the bonds at a lower interest rate with a savings of 3 percent to almost 10 percent depending on the community in which you reside. Because the bonds for each CFD differ, they had to be refinanced individually and that’s why the savings vary. The bond’s maturity date for each of the three CFDs will be unchanged. Here’s a breakdown of the savings:

• CFD-1 — Sycamore Creek: 3.4 percent, a savings of $150 a year.
• CFD-2 — Montecito Ranch: 9.91 percent, a savings of $200 a year.
• CFD-3 — The Retreat: 6.63 percent, a savings of between $120-$160 per year.

The savings will be reflected in October’s property tax statement. Questions: Contact Lee lake at 951-277-1414. The office is at 22646 Temescal Canyon Road.