The Meadows is an awesome place to live and raise a family. But we have to pay a developer property tax for about 100 years to pay off The Meadows Castle Rock Metro Bond Property Tax, which is INSANE.
The overall goal with our efforts is addressing a Metro Bond in The Meadows, why do we have it, and to understand why we have to pay property taxes for about 100 years to pay off the 1980’s infrastructure project. After 35 years of paying this tax, not one dollar has ever been spent toward reducing the original principal amount. We currently owe $454m after paying this tax for 35+ years.
There is GOOD NEWS: 1) Our tax rate will never increase from 35 mills (which is low for Colorado). Developers are currently lobbying for 70-95 mill rates with their new developments statewide, 2 -3 times our fixed rate. 2) There will never be any special assessment on our properties per the filed bond agreements. 3) After 35 years of no action, the property owners have rallied to take control of the boards, decision making, and bank accounts. In May we succeeded with this goal. We are now working on phase 2 “What are our options to address this item”, which has never been addressed – EVER.
In 2024, I have discovered and published the documents from the 1980s, 1990s, and beyond. I am leading the efforts to fight this tax. On the current course, this tax will never go away in our lifetime, which is the main concern. My push is to seek options to reduce or eliminate this property tax. If this effort is successful, our taxes will go down, we will have more spending money, we will have more money for our community, and our property values should increase with a lower tax rate.
“The Meadows is an excellent place to live and raise a family. My family and I have lived here since 2006 and plan to stay here much longer. The metro bonds in The Meadows issue posses NO risk to a home buyer or seller.” Jim Garcia
If anyone wants to be added to the email distribution list, send an email to: meadowsmetro@gmail.com
Here is an update of where things stand:
1) On May 6th the property owners took control of 5 of the 7 Metro Bond Boards in The Meadows, and away from developer control for the first time since The Meadows began back in 1985. Effective May 2025, we control the majority of the decisions and bank accounts. I was elected President of the Board for District 1, the District with the highest amount of debt of the 7 districts, and the only property owner control board in the 1980s. All other boards have been controlled by the developer for the past 35+ years with no option for the owners to remedy this tax in any manner.
2) End of May a President of Met 1, I interviewed many attorney’s. The board agreed to enter into a contract to hire and fund a team of legal experts with specialized knowledge in Colorado Metro Bonds, our metro legal structure, and litigation. We re-allocated funds from our operating and capital expense budgets to fund this endeavor. i.e., We are using existing property tax dollars to fund this effort, so no one is impacted by the costs. Our focus is to understand how we got here and how to address Meadows Castle Rock Metro Bond Property Tax.
3) We secured an extensive number of documents dating back to the inception of The Meadows including the original legal filings, board meeting minutes, property owner votes and results of those votes, agreements with Castle Rock, Consolidated Service Plans, intergovernmental cost sharing agreements, and much more. After their 3+ month review, I met with our new legal team to discuss their findings. Here is an overview:
- a) They have reviewed our situation in detail and have eliminated a number of legal strategies.
- b) They have identified a few potential legal avenues for us to pursue for remedy, and are still looking into others.
- c) They need more time to explore the potential options in greater detail to support or reject course(s) of action.
- d) Once they have viable options, they will be presenting these to the Met 1 board with risk factors.
4)The plan is to have the review complete with options available for the Met 1 board for our next meeting, Monday, 11/10. Location – To Be Determined.
5) Met 1 has cancelled their 9/20 meeting, since the legal review is not complete.
6) End of May, Met 1 authorized the expense with our current accounting firm to develop a schedule of how much has been paid to date on the bonds since inception to 12/31/2024. They were also tasked to provide a schedule of the accrued unpaid interest on the bonds. The report encompasses all bonds in The Meadows. Here are the results:
$70,000,000 – Current Principle Outstanding (The Original Amount from 1993)
$383,832,189 – Unpaid Accrued Interest as of 12/31/2024
$453,832,189 – Outstanding balance as of 12/31/2024
$202,028,801 – Amount of interest paid to date (1988-2024)
7) Met 1 is working on a flow chart to detail all bank accounts and financial institutions to understand the location and flow of cash for all 7 districts. Let’s find the money and follow it.
8) Since all 7 Districts are intermingled with bank accounts in an “Intergovernmental Cost Sharing Agreement”, the legal review from our new legal team should lay out a course of action to support all 7,500+ properties in The Meadows, not just the 1,600+ properties in Met 1.
9) We will continue to make all bond payments in accordance with the bond terms without any interruption.
10) The Meadows HOA has NOTHING to do with our efforts. We are different entities. The Meadows HOA is runs the community and the events. The Metro District’s sole purpose is to pay down the debt and pay for capital improvements like new cluster mail boxes, dead trees in Castle Rock common areas, etc.
11) Thank you for everyone’s help and concern with property taxes in The Meadows Castle Rock. If anyone has questions, please let me know. I am glad to help folks understand our situation, which has not been addressed for 35+ years.
12) False Rumors & wrong information – There is incorrect information, misunderstandings, and false rumors flying around this subject. I have written a web page with the actual facts for people to share. Please help our efforts by letting folks know the trust about this situation. Your help with this item would be greatly appreciated by everyone in The Meadows.
13) For a previous update prior to the May 2025, This Meadows Metro Bond Tax Pre-election article helps explain our previous activities.
14) This is a grass roots effort to find out “What the heck is going on?” with property taxes in The Meadows Castle Rock. The Town of Castle Rock refuses to help us or get involved. After my conversations with them in December of 2024 and January 2025, they lawyered up with an outside legal firm. This effort is solely the efforts of the property owners in The Meadows No one has ever looked into it with this much detail and no one has ever gone this far. We need your help and support. If you want to be added to the email distribution list for Metro Bonds in The Meadows updates, send an email to: meadowsmetro@gmail.com
If you have any questions, please reach out to me. My contact information is listed below.
Jim Garcia
720-385-4497
jimgarcia100@gmail.com
About Jim:
Jim Garcia is Top Real Estate Agent in Castle Rock, CO with 250+ 5-Star review. He is a seasoned business executive with 25+ years as a CEO/COO of various Colorado companies including mergers & acquisitions, residential and commercial real estate, contracts, negotiations, construction and more. Jim has a considerable amount of experience in many phases of real estate transactions including complex situations, luxury properties, bankruptcies, foreclosures, short sales, estate sales, 1031 exchanges, and first time home buyers.
Jim is among the Top 1.5% of All Agents & Teams Nationwide.
Jim Garcia was the #1 Real Estate Agent in Castle Rock Home Sales in 2023 & 2024 and #1 Real Estate Agent in The Meadows Castle Rock Home Sales in 2022, 2023, 2024 when compared to individual Agents not representing new home builders. Jim is also a Top Real Estate Agent in Elizabeth CO.
Jim is a real estate expert known for his local market knowledge and personalized approach. Clients value his dedication, attention to detail, and community involvement. With Jim, clients receive tailored strategies and support, even after close.
Jim and his family have lived in The Meadows since 2006. Having resided in the area for several years, he possesses valuable insights into potential challenges that may arise during transactions. A local agent is crucial for both residential home Buyers and Sellers. For instance, understanding the significant variations in taxes & HOA fees, weighing the pros and cons of different sub divisions, evaluating schools, growth areas, and more are essential. Brokers unfamiliar with the area might not grasp the nuances of the local market. If you are looking for a Top Real Estate Agent in Castle Rock, CO, Jim Garcia is a #1 Agent in Castle Rock.
Jim and his family have lived in The Meadows Castle Rock since 2006. As the #1 Real Estate Agent in Castle Rock Home Sales in 2023 & 2024 and #1 Real Estate Agent in The Meadows Castle Rock Home Sales in 2022, 2023, 2024 when compared to individual Agents not representing new home builders. Jim is also a Top Real Estate Agent in Elizabeth CO.