Bonita Canyon residents can expect to save an average of $337 a year in property taxes, thanks to the school district refinancing nearly $40 million in bonds.
Newport-Mesa Unified refinanced the bonds last week, Deputy Supt. and Chief Business Official Paul Reed announced Tuesday night.
The school district re-funded — a process comparable to refinancing — the 1998 Bonita Canyon Community Facilities District bonds to reduce the Newport Beach neighborhood's property taxes for the next 10 years, Reed said.
"We saved the taxpayers $2.4 million by doing this," he said Wednesday.
Affected by the change are the property owners of the Newport Bluffs Apartment Village and Bordeaux Apartment Homes, and Bonita Canyon Homes and Newport Ridge Homes, according to the preliminary official statement issued on the re-funding.