Blog #california commercial property

The California Business Properties Association (CBPA) has developed a set of take action now resources on the Vote No on Prop 15 website.  Included are social media resources, sample newsletters, letters to the editor guide, share your story, volunteer to text voters no on prop 15, and no on Prop 15 flyers in multiple languages.  A few of the key points: Prop 15 increases the cost of living, threatens to make homeownership more expensive and increases rents on small businesses.  The site also includes some in the flaws in the property tax hike initiative, ways to donate and a chance to read the initiative for yourself.  See that and more at:  Vote No On Prop 15.

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/