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Prop 13 ballot measure to reassess commercial properties gets pushback


California voters in 2020 will have a chance to revise a decades-old tax measure, which if passed would reassess the value of commercial properties every three years. That could raise up to $12 billion in its first few years for counties around the state.

While the change to the 1970s-era tax measure, Proposition 13, would be a radical shift, tax assessors say it could be extremely difficult to implement in a reasonable time-frame, according to the Los Angeles Times.

Still the potential impact is big, experts say. Los Angeles County alone could see an additional $3.8 billion a year in commercial property tax collection, according to the Times.

Proposition 13 made it so commercial and residential properties are only assessed for taxes when they change hands. That has allowed property owners who have not sold for decades to pay low, 1970s-level taxes.

Read More Here https://therealdeal.com/la/2019/04/01/prop-13-ballot-measure-to-reassess-commercial-properties-gets-pushback/

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The information above has been obtained from sources deemed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for illustration only and do not represent the current or future performance of the property.