The California Schools and Local Communities Act of 2020, recently designated "Proposition 15", is an initiative constitutional amendment appearing on the November 3, 2020 statewide ballot. If passed, most commercial real estate in California will lose the decades-old tax protections of Prop 13 and owners and businesses will see a collective tax increase on the order of $11 billion.
Prop 15 would split the property tax roll into 2 parts -- one still under Prop 13's acquisition value-based system, one under a new market value-based system -- and is colloquially referred to as the "split roll". The split roll would change the face of commercial real estate in California by replacing the certainty of the current system with uncertainty, complexity and a lot more taxation.
Follow the path to Election Day right here, with Capital Rivers Commercial.
Prop 15 Impact Assessment: Expert Panel Event
At the Historic Sutter Club, one a block from the State Capitol at 1220 9th Street in Sacramento, our expert panel consisting of Larry Stone (Santa Clara County Assessor), Rachel Michelin (President, California Retailers Association) and Rex Hime (President, California Business Properties Association) will weigh in on Prop 15. Moderated by Will Swaim (President, California Policy Center) and with an introduction by special guests Radio’s Jack Armstrong & Joe Getty, Capital Rivers is proud to host this frank discussion on the split tax roll with these distinguished experts from government and industry. This is truly an event not to be missed.
***EVENT RESCHEDULED DUE TO STATE ORDER ISSUED JULY 13***
***CHECK BACK SOON FOR NEW DATE***
Capital Rivers is pleased to present our detailed analysis of the California Schools and Local Communities Act of 2020 (aka, Prop 15), available as a complementary download. This White Paper will help you better understand what the "Split Roll" would mean for California commercial real estate.
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