Split Roll Tax Update: The Fight Begins in Earnest
- By: admin
- On: 01/18/2018 14:32:40
- In: Government Affairs
- Comments: 0
In December, a split roll tax initiative was filed by California Calls is a grassroots mobilization group typically funded by far-left advocacy groups. Under the proposal, all business properties will be reassessed to 2020 values and will be reassessed every three years thereafter.Adapted from the BOMA California Weekly Newsletter - January 12, 2018
In December, a split roll tax initiative was filed by California Calls and the League of Women Voters. California Calls is a grassroots mobilization group typically funded by far-left advocacy groups. This filing means the groups have begun the clock on collecting signatures.
This week, CBPA held a call with over 100 real estate industry leaders across the state, to educate members about the proposal, get companies focused and ready to push back on the measure, and, most importantly, begin the all important fund raising process. The proponents are going to spend a lot of money on this measure; unfortunately, if it qualifies, our side will need to spend even more.
Under the proposal, all business properties will be reassessed to 2020 values and will be reassessed every three years thereafter. Commercial property will lose any certainty and one can only imagine the impact and cost to long time property owners. How much a property purchased 10-20-30 or even 50 years ago has appreciated in value. The proponents of this effort believe it's a $12 billion tax.
BOMA CAL will be working closely with allied business and taxpayer groups. Our industry has been preparing for this moment for some time. The campaign will be very costly, but the costs of this tax are much greater! Please stay tuned, and stay engaged. It's time to defend yourself and your business.
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