As I mentioned back in April, we will be voting in California on the Split Roll Tax in November, now called Proposition 15. If you’re not sure what “Split Roll” refers to, see my post: Split Roll Tax And What It Means For California Commercial Real Estate.
A more recent update from AIR points out only a simple majority is required for the measure to pass. Recent polls indicate its likely to be a tight race, 53% of likely voters were in favor per the Public Policy Institute. Reassessments could begin 2022-2023 but a recent Press Telegram article indicated the assessor might not have the funds and resources necessary to implement it among other issues.
There is an exemption for properties less than $3 million, however owners who have multiple commercial buildings in excess of $3 million are not exempt. Properties would be reassessed at least once in every 3 years and the 1% base tax remains in place.
For more information, see the post on A.I.R Forms Practitioner: https://airpractitioner.com/2020/08/05/californias-controversial-split-roll-initiative-prop-15-the-basics/