California Proposition 13 Split Roll Property Tax Initiative Submitted

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 

Click here to review the proposed language.

We will keep you posted on any new developments.  Please email Matthew Hargrove at mhargrove@cbpa.com if you have any questions, comments, or need additional information.