Santa Monica City Council
October 22, 2024

2024 Proposed Mills Act Contracts Estimated Financial Impacts Estimated Impact to Property Owner Estimated Impact to City Property Address
Property Assessed
Value
Current
Property Tax
Amount
(Prop 13)
Estimated
Property
Tax
Amount
(after
Mills Act)
Estimated Tax
Savings for
Property Owner
Estimated
Reduction
in Property
Tax (after
Mills Act)
City Property
Tax Revenue
(Prop 13) =
14% of Total
Estimated City
Property Tax
Revenue (after
Mills Act)
Estimated
Reduction in
City Property
Tax Revenue
518 Adelaide Dr.*
1401 Palisades
Beach Rd. $3,601,063 $74,970.00 $37,292 $37,678 50% $ 10,496 $ 5,221 $ 5,275 1132 Princeton St. $2,971,595 $63,644.00 $30,760 $32,884 52% $ 8,910 $ 4,306 $ 4,604 1138 Princeton St. $2,971,595 $63,620.00 $30,760 $32,860 52% $ 8,907 $ 4,306 $ 4,600 TOTAL $9,544,253 $202,234 $98,812 $103,422 $28,313 $13,834 $14,479 * unable to calculate based on recent date of sale