Figure 5.4 illustrates the assessed valuation of all properties in Santa Monica as reported in the City's Comprehensive Annual Financial Report.

Source:  City of Santa Monica

  Comprehensive Annual Financial Report (CAFR)

Year Ended June 30, 2006

Property Taxes

 Assessed property values are determined on an annual basis for the period July 1 to June 30 by the Los Angeles County Assessor as of March 1.  Article XIIIA of the State Constitution (Propositionn13, approved by voters in June 1978) limits the real property tax rate to 1% of the full market cash value plus rates imposed to fund indebtedness approved by the voters.  Locally assessed property is appraised at the 1975-76 full cash value, the base year value, and is adjusted each year after 1975 by the change in the consumer price index, not to exceed an increase of 2%.  Property is reappraised to current full value upon either a change in ownership or new construction. If property values decline below the base year value, the value is adjusted to reflect the lower value.  Taxes are levied annually on July 1 and become a lien on real property at March 1.  Taxes are due November 1 and February 1 and are delinquent if not paid by December 10 and April 10, respectively, at which time applicable penalties and interest are assessed.

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This page was last modified on 03/06/2007