HUNTINGTON BEACH
Under a new state rule, the city will get a big increase in revenue from the property tax on the electric generation plant at the corner of Newland Street and Pacific Coast Highway.
The city will get about $180,000 a year in property taxes, or 20% of the assessed value of the property, now that a private company called AES has bought the plant from Southern California Edison.
Under Edison, the city received only 1.3% of the assessed value because Edison was a regulated public utility. The new rate is the result of the State Board of Equalization’s recent change in the tax rate of deregulated private electric generation plants.
The city will use the revenue to provide public safety services, fill potholes, refurbish aging streets, and other services paid for out of the general fund.
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