Downtown Santa Monica Property Based Assessment District

Resolution 10336 (CCS) approved by City Council on July 24, 2008, ordered the formation of a property and business improvement district in Downtown Santa Monica (known as the Downtown Santa Monica PBAD) and authorized the levy of and placement of assessments on the property tax rolls each year.

Uses for Funds: Enhanced maintenance, an ambassador program, marketing and special projects, above and beyond those provided by the City of Santa Monica.  Proposed activities and improvements are described in detail in the Engineer's Report. 

Boundaries: The PBAD boundary generally encompasses properties bounded by Ocean Avenue to the west, 7th Court to the east, Santa Monica Freeway to the south, parcels on the north side of Wilshire Boulevard and selected parcels with commercial or visitor-serving orientation north of Wilshire Boulevard along 2nd, 3rd, 4th, 5th, 6th and 7th Streets. See Map.

Date Established :  July 24, 2008

Formula: Annual rates for FY 2009/10 are based on three factors 1) the greater of the lot or building square footage, 2) the property’s location within one of three zones of benefit, and 3) the type of use/ownership (commercial, residential, governmental, and non profit). Commercial properties in Zone 1 – the area receiving most benefit -- are assessed $0.767 per square foot. Commercial properties in Zone 2 and Zone 3 are assessed $0.384 and $0.192 per square foot respectively. Residential/Governmental properties in Zone 1, 2 and 3 are assessed $0.546, $0.273 and $0.137 per square foot respectively; and non-profits in Zone 1, 2 and 3 are assessed $0.273, $0.137 and $0.068 per square foot respectively. City-owned Parking Structures in the district are assessed at the rate of $0.137 per building square foot.

Exceptions:  None.  Applies to all properties within the district.

How Funds are Collected:  Assessments are collected by the Los Angeles County Tax Assessor's Office.

Who Administers the Fund:  The Bayside District Corporation will manage the new district.

Approximate Size of Fund:  $3.5 million for FY 2009/10. Annual assessment increases may range from 0% to 5% to keep pace with the consumer price index and program costs, and will be subject to annual review and approval by the PBAD’s Board of Directors.

For more information on the Property Based Assessment District, visit the Bayside District Corporation PBAD website at:

http://thirdstreetpromenade.org/about/property-owners.html

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This page was last modified on 02/02/2010