Martin Feinberg, Culver City Realtor, would like to remind readers that on July 1, things will be getting a little more expensive for those living and shopping in Los Angeles County. That is the day when Measure M, which was approved by voters in November 2016, takes affect and sales taxes go up across the area.
Measure M is a half-cent sales tax increase and will apply to every city and unincorporated area of Los Angeles County. This will increase the countywide sales and use tax to 9.25%. It is expected to generate $120 billion over the first 40 years that it is in effect.
Individual tax rates for 15 cities within the Los Angeles County area have special district taxes, which will make taxes in those areas higher than the general tax rate in Los Angeles County.
According to the State Board of Equalization, these are the 15 cities, along with their new tax rates:
- Avalon: 9.75%
- Commerce: 9.75%
- Compton: 10.25%
- Culver City: 9.75%
- Downey: 9.75%
- El Monte: 9.75%
- Inglewood: 9.75%
- La Mirada: 10.25%
- Long Beach: 10.25%
- Lynwood: 10.25%
- Pico Riversa: 10.25%
- San Fernando: 9.75%
- Santa Monica: 10.25%
- South El Monte: 9.75%
- South Gate: 10.25%
Per that list, Culver City’s new tax rate will be 9.75% on July 1st. This will impact most of the Culver City Real Estate area. Martin Feinberg, Realtor, understands that no one enjoys having taxes go up. Tax revenue can fund improvements that benefit everyone though.
Money collected through Measure M could go to a number of different transportation projects including extending light rail lines, adding rapid transit bus lines, widening freeways, and street repairs. Los Angeles Mayor Eric Garcetti has proposed using Measure M money to build a monorail over the 405 Freeway, which would connect the San Fernando Valley with the Westside.