In August, proponents advocating for amending Proposition 13 and creating a split-roll property tax by ending the protections and certainty for commercial property, submitted signatures to place the initiative before voters on the November 2020 ballot.
Every commercial real estate organization - including BOMA California - has at some point over the last 30 years taken a position in opposition to split roll taxation – nothing in this measure changes that stance.
The measure itself is very clear in its actions:
- Bring all commercial properties to a new assessed 2020 value that becomes the new base year for taxation.
- Require that all commercial property be reassessed every three years thereafter.
- Establishes an exemption for properties valued at less than $1 million – however this is a questionable exemption as the property is reassessed every three years eventually it will lose that exemption.
- The measure removes all the tax protections provided by Proposition 13.
- Ends the treating of all property the same for taxation purposes for the first time in California’s history.
Feel free to visit this website for information: http://www.stophigherpropertytaxes.org/