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.
Change is coming November 3rd, will you be ready?
It's time to have a plan before it's too late! Our fact sheet can give you the important highlights for how this change will impact you.
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.
No time to read the entire white paper? No problem, we are also including our single-page fact sheet that highlights the important points of Prop 15!
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