Santa Monicans will be asked to vote this November on a new tax on luxury real estate that would raise about $3 million each year for public services.

The city of Santa Monica is looking for a way to generate some extra money as its traditional revenue sources — sales and hotel taxes and parking fees — suffer during the pandemic and accompanying recession. City Council voted Tuesday to move forward with a ballot measure that would tax real estate sales over $5 million at $6 per $1,000 of sales price, or $30,000 for a $5 million property. Currently, all real estate transfers are taxed at $3 per $1,000. 

The other measure that a representative sample of 562 Santa Monica voters were polled on between May 26 and May 31 was an increase in the business license tax, which hasn’t been raised since 1988 and is lower than the tax charged by the city of Los Angeles. 

Read More: https://www.smdp.com/santa-monica-moves-forward-with-ballot-measure-to-tax-luxury-real-estate-sales/192851