Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Direct and Overlapping Property Tax Rates*
Last Ten Fiscal Years
TABLE 7
Fiscal City County School Miscellaneous
year General Fund General Fund districts special districts Total
2008-09 $ 0.01 $ 1.00 $ 0.09 $ 0.01 $ 1.11
2007-08 0.01 1.00 0.10 0.01 1.12
2006-07 0.01 1.00 0.08 0.01 1.10
2005-06 0.01 1.00 0.07 0.01 1.09
2004-05 0.01 1.00 0.06 0.01 1.08
2003-04 0.02 1.00 0.05 0.01 1.08
2002-03 0.02 1.00 0.06 0.01 1.09
2001-02 ** 1.00 0.04 0.01 1.05
2000-01 ** 100 1.00 004 0.04 001 0.01 105 1.05
1999-00 0.01 1.00 0.03 0.01 1.05
* Property tax rate is per $100 of assessed value. Prior to 1981-82, assessed value was 25% of market value. Since
1981-82, assessed value equals full market value as defined by law. Since 1978-79, the maximum allowable rate is
levied by the County, property taxes are collected by the County, and the County allocates the City's share in
accordance with distribution formulas established in law. Effective 1981-82, Proposition 13 allowed jurisdictions to
impose rates over the $1.00 base rate only for bonded debt approved by the voters prior to 1978. However, in 1986,
the State Constitution was amended to allow rates over the $1.00 base rate for voter approved general obligation
bonds.
City General Fund is allocated approximately $.15 of each $1.00 of the County General Fund amount.
Redevelopment areas receive approximately $.85 of each $1.00 of the County General Fund portion.
** City of Santa Monica property tax override for Library General Obligation Bonds was less than $.01, but was
levied.
Source: Los Angeles County Auditor-Controller
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