California Secretary of State Alex Padilla announced that the initiative to dismantle Proposition 13 by creating a split roll is qualified and eligible for the November 2020 ballot.
Under the proposal, all non-residential properties will be reassessed to 2020 values and be reassessed every three years thereafter. Commercial property will lose certainty about future tax liabilities and one can only imagine the impact and cost to long time property owners that will see massive adjustments.
The proponents of this effort have stated it’s a $11 billion tax impact to your properties.
Aside from the direct impact on properties, the Legislative Analyst’s office has warned that the proposal will introduce far more volatility into the state’s funding stream. Property taxes have been a reliably predictable since prop 13 passed allowing better budgeting.
We will continue to work closely with allied business and taxpayer groups on the statewide strategy to defeat this measure. Our industry has been preparing for this moment for some time. The campaign will be very costly, but the costs of this tax are much greater! THE TARGET IS YOU and you need to defend yourself.
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