SANTA MONICA—On Wednesday, August 10, the Santa Monica City Council voted to lower the tax rate on bonds that fund the remodeling of the Santa Monica Public Library. As a result, property taxes will be lower by $.0000795 per $100 of assessed valuation.

According to the press release from the city of Santa Monica, a tax rate has been set by the council that has been added to property taxes in order to pay debt on voter-approved bonds. City Council approved a new lowered rate for the 2012 Library General Obligation Refunding Bonds. The new rate is $.003904 per $100 assessed valuation.

Canyon News spoke with Constance Farrell, Public Information Coordinator for the City Manager’s Office of Santa Monica. “While the property tax decrease is small, it is money in the pockets of Santa Monica homeowners,” said Farrell.

Mayor Tony Vazquez indicated that, “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. And the community’s investment in our beloved libraries will keep paying off for decades.”

“Through this, we were able to lower the amount needed from homeowners to pay the $1,382,650 for this year. This is good for homeowners,” Farrell told Canyon News.

The recommended property tax rates are calculated by the City Council and are based on changes in City-wide assessed valuation and the amount of the schedule debt service payment for the year. The tax decrease is possible due to an increase in the estimated FY 2016-2017 assessed valuation, increased revenues collected last year, and a decrease in the schedule debt service obligation. The total debt payment for the bond in FY 2016-17 is $1,382,650.