BOMA San Francisco Members:
We've been notified by BOMA California that the process for an initiative on split roll property tax in California commenced yesterday with the submission of a request for title and summary of the “Protect Homeowners and Close Corporate Loopholes Act.” Please know, this is just the first step of the initiative process and it still has a ways to go before it goes before voters, but we thought you needed to be aware that proponents are actively pushing the idea.
Here is a summary of the key provisions:
- Exempts all residential property – including rentals and apartments
- Requires commercial reassessment at least every three years
- Increases homeowner exemption to $14,000
- Provides a $1,000,000 personal property tax exemption
- Puts money into general fund to increase Prop 98 funding
We will keep you posted on any new developments. Please email Matthew Hargrove at email@example.com if you have any questions, comments, or need additional information.