INFO ALERT - Proposition 13 changes targeted for Nov 2018 Ballot
Beware, today an attack has begun on Proposition 13, the property tax rate protections that began in 1978. An initiative was filed with the CA Attorney General’s Office to put a commercial and industrial property tax hike on the ballot in November 2018!
The initiative titled "The California Schools and Local Communities Funding Act of 2018” is a split-roll effort being led by California Calls, a community organizing non-profit in coalition with PICO California and the League of Women Voters California. The coalition is banking on the current outrage over the Federal Tax Reform bill to make significant changes that will bury Proposition 13 and significantly stifle our economy and hurt job creation. One of these changes highlighted in the document include language such as;
"Preserve in every way Proposition 13's protections for homeowners and for rental residential properties. This measure only affects the assessment of taxable commercial and industrial real property.”
BizFed will fully engage with a massive coalition to fight this measure IF IS QUALIFIES and gets on the ballot. Signatures have yet to be gathered. But everyone should watch this closely.
BizFed member Joel Fox opines in this Federal and State connection with Proposition 13, "California is a high income tax state not only with the highest tax rate of 13.3% but also with the 9.3% tax rate kicking in at $51,530 of taxable income. In order to offer tax relief to income tax payers who potentially lose deductions some officials are considering increasing the property tax, but that requires a change to Proposition 13."
As we see this effort and the recent filing to repeal Costa-Hawkins which affect residential property owners, the Business Community will be under attack in 2018, stay tuned as more information develops.
CLICK HERE for the Official filling of the Proposition 13 repeal.
CLICK HERE to read the full piece by BizFed member Joel Fox
We’ll see you at this Tuesday's
12/19/17 BizFed Board meeting to discuss this further.
Thank you,
