Apart from exempt affordable units, homes in Irvine's Great Park Neighborhoods carry a line on their property tax bills labeled "CFD No. 2013-3." Most buyers learn two things about that charge: it rises up to 2% a year, and it drops by roughly 65% to 82% once the original bonds are repaid, usually about 40 years out. Those two facts are accurate. What they leave out is that there are several clocks. Each improvement area inside the district starts its own 40-year count from the day its first bonds sold, and those sale dates run from 2014 to 2025.
For buyers comparing Pavilion Park, Parasol Park, Cadence Park or Solis Park on list price, the special tax looks like one shared cost. It works more like a separate contract for each neighborhood, with its own dollar schedule and its own end date.
The charge follows the neighborhood's schedule, not your price
The 2013 formation report for CFD 2013-3 sets special tax rates by improvement area, land use, product type and building square footage. Within each class the rate is applied uniformly, and for homes it "will vary directly based the product type and the size of the Dwelling Unit." Purchase price is not on that list. A buyer who pays more for the same floor plan does not pay a higher special tax, and a buyer who negotiates a lower price does not pay less.
Irvine's own bond documents show what that looks like in practice. Each bond offering includes a table of average tax bills for completed homes in its improvement area, and lining several up side by side shows the pattern:
| Improvement area and neighborhood | Home type | Fiscal year | Average estimated value | Average special tax | Average effective tax rate |
|---|---|---|---|---|---|
| IA 1, Pavilion Park | Detached | 2023-24 | $1,330,512 | $7,561 | 1.62% |
| IA 10, Rise Park | Detached | 2022-23 | $1,292,818 | $8,595 | 1.47% |
| IA 6, Cadence Park | Detached | 2022-23 | $1,299,316 | $9,183 | 1.74% |
| IA 6, Cadence Park | Attached | 2022-23 | $862,198 | $6,322 | 1.77% |
| IA 9, Novel Park | Detached | 2022-23 | $987,833 | $6,882 | 1.73% |
| IA 9, Novel Park | Attached | 2022-23 | $809,740 | $5,434 | 1.71% |
| IA 7, Altair | Detached | 2022-23 | $2,177,346 | $14,581 | 1.70% |
Look at the first three rows. Detached homes in Pavilion Park, Rise Park and Cadence Park averaged about $1.3 million in value, yet their average special taxes ran from $7,561 to $9,183. That gap of more than $1,600 a year exists at nearly the same price point. The Pavilion Park figure is also a year newer than the other two, so the 2% escalator has already been added to it. These are district averages taken from bond disclosures, not quotes for any one parcel, and the actual levy can come in below the maximum. The range still makes the point. Two homes listed at the same price in neighboring Great Park communities can carry different fixed costs, and the listing price alone won't tell you which one is which.
That same fixed cost is a large share of the bill. In Pavilion Park during fiscal 2023-24, the average special tax of $7,561 sat next to $13,912 in ordinary ad valorem tax and $103 in other charges. The CFD line made up roughly a third of the average total.
Each improvement area started its own 40-year count
The escalator and the step-down are both written into the formation report. Starting July 1, 2014, the maximum special tax rises 2% each fiscal year. Then, "commencing in the Fiscal Year following the fortieth anniversary of the date on which the first series of Non-Subordinate" bonds for that improvement area were sold, the tax is partially terminated. The reduced amount then grows 3% a year from that point on.
The key words are "for such Improvement Area." Each neighborhood's first bond sale sets its own trigger:
| Neighborhood | First bond sale on record | Approximate start of step-down, calculated from the 40-year rule |
|---|---|---|
| Pavilion Park, IA 1 | August 28, 2014 | Fiscal year 2055-56 |
| Beacon Park, IA 4 | 2016 | Late 2050s |
| Parasol Park, IA 8 | Series 2018, $72,420,000, delivered on or about October 3, 2018 | Fiscal year 2059-60 |
| Cadence Park, Altair, Novel Park, IA 6, 7 and 9 | Pooled bonds, sale anticipated April 2023 | Around 2063 |
| Solis Park, IA 11 | Series 2025 bonds | Mid-2060s |
The right-hand column is our own math from the 40-year rule. The city does not print it as an expiration date. Where a source gives only the year of a sale, or a sale that was expected but not confirmed, we've kept the estimate approximate. Even so, the spread is clear. A Solis Park owner's step-down is about a decade behind a Pavilion Park owner's. Under the city's own description, that step-down cuts the charge by roughly 65% to 82%.
The tax also never reaches zero. A 2021 Irvine Watchdog summary of city staff material explains that the bond repayment and secondary maintenance portions expire after 40 years, while "Guaranteed Maintenance continues in perpetuity." After the reduction, that leftover charge goes back to growing every year, at 3% instead of 2%.
A 2024 refinancing pushed out the debt and left the clock alone
Pavilion Park shows how loosely the bond schedule and the tax schedule are connected. Improvement Area 1's first bonds were issued in August 2014 for $72,700,000, maturing in 2049. In May 2024, city staff asked the council to refund those bonds and issue new money in the same transaction. The new issue mixed current interest bonds with capital appreciation bonds, which, as the staff report explained, let the district "extend the maturity date out five years," to 2054, and raise about $7.9 million more for construction. Staff estimated roughly $20 million in total would become available for public improvements, with a true interest cost of about 4.2% against roughly 5% on the old bonds.
The refinancing produced a lower interest rate, a longer debt term and fresh cash for the Great Park. It did not change the step-down date, because the formation report ties partial termination to the first series of bonds sold, which in Pavilion Park's case is still the 2014 issue. The new 2054 maturity now lands near the 40th anniversary of that 2014 sale. The city's FAQ separately says future bond sales "will not increase the charge." For a buyer, the documents that set your timeline are the formation report and your improvement area's rate schedule. The most recent bond deal doesn't change them.
The FAQ wording is worth comparing to the formation report. The FAQ says the charge can rise up to 2% a year "based on increases in property values." The formation report sets the maximum to rise 2% each July 1 as a fixed step, with no reference to values. When you're running a 10-year cost projection, build it from the formation report's schedule.
Newer areas run under their own documents
The district keeps growing. In September 2024, the council moved to designate Improvement Area 14 within the overlay district CFD 2013-3(B), covering about 42 acres planned for nonresidential use. In 2025 it added Improvement Areas 15 through 18. IA 17 is a 372-home Toll Brothers project with up to $103 million in authorized bonds. IA 18 covers four neighborhoods totaling 360 for-sale homes from Lennar and Pulte, with up to $80 million authorized. The council also authorized up to $155 million in bonds for Solis Park in October 2025. On September 9, 2026, S&P raised its rating on those series 2025 bonds to AA-, pointing to very low special tax delinquencies and "a highly resilient local real estate market."
Buyers in the overlay areas shouldn't assume the original district's terms carry over. Ask for the rate schedule that applies to that specific parcel.
The perpetual maintenance portion is tied to how the park itself is funded. Voice of OC reported in March 2026 that the Great Park runs on Mello-Roos taxes from nearby homes, and that general fund money is barred from building or maintaining it. At the February 24 council meeting, Great Park Director Steve Torelli warned that without balancing measures, "by the time we hit 2031-32 we'd be out of money completely." He named user fees, sponsorships and a possible hotel as fixes.
What to pull before you compare two Great Park listings
- Confirm which improvement area the parcel is in. The neighborhood name on the marketing materials is not enough.
- Get the seller's Notice of Special Tax. Voice of OC described this disclosure as a 10-page document showing the cost for the home and the range for its neighborhood.
- Pull the current tax bill and find the "CFD No. 2013-3" line for the actual levy, which can come in below the maximum.
- Use the improvement area's first bond sale date to estimate when the step-down starts, then compare that timeline against how long you plan to own.
Quick answers
Does buying at a lower price lower the special tax? No. The rate is set by improvement area, product type and home size.
Does the tax end after 40 years? It is reduced by roughly 65% to 82%, and a maintenance portion continues in perpetuity.
Did the 2024 Pavilion Park refinancing raise homeowners' taxes? The city states that future bond sales will not increase the charge. The refinancing extended the debt to 2054 at a lower interest cost.
If you're selling in the Great Park, your buyer is going to ask about the special tax. Having the improvement area, the Notice of Special Tax and the current levy ready before you list keeps the conversation on price and terms. 1% Listing Broker puts that paperwork together as part of every listing, and our flat 1% fee leaves more of your equity with you. Get your free 1% home valuation.
