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The Santa Monica City Council is considering placing a measure on the November ballot that would put the city's budget woes in their hands. City leaders are considering placing a measure on the ballot that would ask voters to raise the sales tax a half cent or a property transfer tax hike of $1.50, according to the Santa Monica Daily Press. At issue is the projected $53 million budget shortfall the city will see over the next four and a half years.
Currently at 9.75% in Los Angeles County, the sales tax increase would mean Santa Monica could be boosted to 10.25%. However, a budget-saving state imposed sales tax of 1% is scheduled to expire next year July (but will legislators try to extend it?). The property transfer tax increase would increase to $4.50 per $1,000 spent on a property, matching the tax rate in Los Angeles and Culver City.
The city council has until August 6th to decide to place a measure on the ballot.