The property tax initiative noted above is referred to as the “Collis” initiative after one of its primary proponents. The measure would create a sliding scale property tax surcharge on all properties (commercial and residential) assessed at more than $3 million. The increased taxes are dedicated to fund “poverty reduction programs.” So far, the initiative has collected about 25% of the signatures it needs to qualify and has until March 21, 2016, to collected the required 585,407 signatures needed. This initiative is becoming a reality that out industry must be prepared for.
