A sliver of good news on the tax front. Voters approved Proposition 30, The Schools and Local Public Safety Protection Act of 2012, in the November 6, 2012 statewide election. The measure was approved by a margin of 56% to 45%.
Proposition 30 mandated an increase in the statewide sales tax rate from 7.25% to 7.5% effective 1/1/13 through 12/31/16. along with a 7 year increase in marginal income tax rates for certain filers with incomes over $250,000.
Since we are quickly approaching the end of 2016, we have a .25% reduction in sales and use tax rates to look forward to in the new year.
This means that sales taxes in most of Ventura County, including Thousand Oaks, will drop from 7.5% to 7.25%, Rates in Oxnard and Port Hueneme will drop from 8% to 7.75%. Rates in Los Angeles County, including neighbors Agoura Hills and Westlake Village, will drop from 9% to 8.75%.