City Council Lowers Tax for Library Bonds

August 10, 2016 5:11 PM

SANTA MONICA, Calif. – Last night, the Santa Monica City Council voted to lower the tax rate on bonds that funded the Santa Monica Public Library system remodel. This will lower property taxes by $.0000795 per $100 of assessed valuation.

Each year, Council sets a tax rate that is added to property taxes in order to pay debt on voter-approved bonds. The City only has one outstanding general bond, the 2012 Library General Obligation Refunding Bonds. The approved new, lowered rate is $.003904 per $100 of assessed valuation.

“It’s a great day when we can keep money in the pockets of Santa Monicans. This small, but nonetheless meaningful, reduction does just that,” said Mayor Tony Vazquez. “And the community’s investment in our beloved libraries will keep paying off for decades.”

Staff annually calculates the recommended property tax rates based on changes in City-wide assessed valuation and the amount of the scheduled debt service payment for the year. This year’s tax decrease is possible due to an increase in the estimated FY 2016-17 assessed valuation, increased revenues collected last year, and a decrease in the scheduled debt service obligation. The total debt payment for the bond in FY 2016-17 is $1,382,650.

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Media Contact

Constance Farrell
Communications & Public Information Manager
Constance.Farrell@santamonica.gov

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City Council