Friday, May 29, 2009

UPDATE: Proposition 13 & The Proposal of a Split Roll Property Tax

We recently posted BOMA's stance on the proposal of a Proposition 13 split-roll property tax, posed recently by the City's own Assessor, Phil Ting.

This proposal is a bad idea, and one that will not help the state’s economy nor “fix” its budget deficit. Indeed, a op-ed piece by Tup Fisher, chairman of the California Mortgage Bankers Association, and Rex Hime, president and CEO of the California Business Properties Association, was published in today's Chronicle in which they write:
Instituting a split-roll tax system will not occur in a vacuum--businesses paying more in taxes will be forced to consider laying off more employees, putting off hiring new workers and investing in new technologies.... Consumers will also suffer, as the cost of many products would rise as a result of higher business taxes.
Stay tuned to BOMA San Francisco's blog for the latest developments on this issue.

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