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 City of Hermosa Beach --- 03-09-99
PROPERTY TAX RETURN - AB304 (WILDMAN)
Recommendation:
That the City Council authorize a letter of support for AB304 (Wildman) and direct staff to track the bill as it moves through the legislative process.
Background:
This bill is designed to return the property tax taken by the state in the early 1990's over 10 years. As you know, the state balanced its budget by transferring property taxes from cities and counties. This amounted to about $700,000 for us which, under this bill, would be returned at 10% a year.
As you recall, several attempts to get the property taxes returned have failed for one reason or another. This bill will allow the cities and counties to be at the table when the "May Revise" is calculated and divided up among the various competing groups for state funding.
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