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Tax

All property (residential, commercial, industrial) is appraised at full market value as it existed March 1, 1975, with increases limited to a maximum of 2% annually. Property created or sold, since March 1, 1975 will bear full cash value as of the time created or sold, plus the 2% annual increase. The basic tax rate is $1.00 per $100 appraised [real cash] value plus any taxes levied to cover bonded indebtedness for county, city, school or other taxing agencies. Appraised valuations and tax rates are published annually after July 1.

• Assessed Valuation:
   City: 1988-89: $4,315,291,468
   City: 1997-98: $5,994,687,337
   County: 1988-89 $26,619,474,887
   County: 1997-98 $45,522,508,582
• Combined total industrial property tax rates 1997-98: 1.055% of total value
• Retail Sales Tax-State: 6%; City/County: 1.25%; Total: 7.25% {including transit
   funding}.
• City Business Tax (based on gross receipts) is shown below:

From	To	Your Tax is
$0	$20,000	$15.00
20,001	300,000	$50.00
$300,001	$400,000	$150.00
$400,001	$500,000	$187.00
$500,001	$600,000	$225.00

Schedule continues at the rate of $37.50 per $100,000 gross receipts.

Insurance

City of Simi Valley's Insurance Requirements

For those conducting business with the City of Simi Valley, insurance coverage may be provided by either (1) an approved General and/or Auto Liability Endorsement Form for the City of Simi Valley or (2) an acceptable certified copy of the insurance policy (Declarations of Coverage ) with an approved Additional Insured Endorsement (CG 20150993/CG 20101093). A Certificate of Insurance is not acceptable evidence of insurance for liability and automobile coverages due to the following language on the standard ACORD form:

``This certificate is issued as a matter of information only and confers no rights upon the certificate holder. This certificate does not amend, extend or alter the coverage afforded by the policy."

To protect those doing business with the City, the public, and the City, insurance must:

1. Cover the specific exposures to loss arising out of the work performed or activity conducted.
    
2. Contain limits high enough to pay reasonably feasible judgments.
    
3. Have the City, its boards, officers, agents, and employees included as "Additional Insureds" on the contractor's insurance for General and Auto Liability. The City shall be named as `` Loss Payee" as its interest may appear on all property insurance. Workers' Compensation and Professional Liability do not require for the City to be named as an ``Additional Insured."
    
4. Have the insurance be primary and not call on the City's insurance for contributions.
    
5. Provide that insurance shall not be canceled or reduced in coverage until after 30 days written notice.
    
6. Provide a hold harmless agreement to include the defense and indemnification of the City. This obligates the contractor's/permittee's insurer or holds the contractor/permittee responsible in the event of insufficient or inadequate insurance.
    
7. Have an A.M. Best's Rating of B+;VII and be admitted in California. Any exceptions must be reviewed and approved by the City's Risk Manager. Should you have any questions on insurance requirements, please contact the City's Risk Manager at (805) 583-6739.
    
8. Insurance must be approved prior to commencement of the work/activity.

The following insurance forms are available as an Adobe Acrobat document.  You will need Adobe Acrobat Reader to view these documents.  If you do not already have Adobe Acrobat software, it is available as a free download from Adobe.  Click here to download Adobe Acrobat Reader.

• General Liability Endorsement Form for the City of Simi Valley
• Auto Liability Endorsement Form for the City of Simi Valley