News: Proposition 13
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Since its adoption,
Proposition 13 has brought certainty to property owners and businesses in the
state. Any changes to this measure would
certainly lead to higher taxes for businesses and higher prices for
consumers.
A current proposal would change this certainty. While the proposal would not directly affect residential properties such as apartments or single-family rental housing, dismantling 1978’s Prop 13 creates a dangerous precedent.
Tagged: ElectionsNewsProposition 13
Voters on Tuesday rejected Proposition 5, a statewide ballot measure that would have allowed homeowners who are 55 or older or severely disabled to transfer tax assessments from a prior home to a new home.
With 95.7 percent of precincts reporting, 41.9 percent of the votes cast on Proposition 5 were to approve the measure, while 58.1 percent were cast to reject it.
Tagged: ElectionsProposition 13
Preliminary paperwork was filed today for a proposed ballot initiative that takes aim at Proposition 13 and seeks a split roll, the Los Angeles Times reported.
Tagged: Proposition 13
Supporters of a property tax surcharge that would have undermined Proposition 13 have abandoned efforts to qualify their measure for the November ballot.
The property-tax initiative, dubbed the “Lifting Children and Families Out of Poverty Act,” aimed to create a tax surcharge on all commercial and residential properties in the state assessed at over $3 million.
Collecting the 585,407 signatures required by March 21 proved too high a hurdle, campaign strategist Bill Carrick said in this Sacramento Business Journal story. Moreover, Carrick said the initiative would have faced plenty of competition for tax dollars if it managed to appear before… Read More
Tagged: ElectionsProposition 13
Six weeks remain for supporters of an assault on Proposition 13 to qualify their measure for the November ballot.
The property-tax initiative, dubbed the “Lifting Children and Families Out of Poverty Act,” would create a property tax surcharge on all commercial and residential properties in the state assessed at over $3 million.
While targeted at the wealthy, the financial burden would ultimately reach small business owners and their employees.
“In California, if you have a small restaurant, you’re probably renting from somebody who has a property of $3 million or more,” Allan Zaremberg of the California Chamber of Commerce says… Read More
Tagged: ElectionsProposition 13