Prop. 13 overhaul targets commercial property tax rates

As reported by the Sacramento Bee:

Facing long political odds, state Sens. Loni Hancock and Holly Mitchell introduced a constitutional amendment Wednesday to overhaul portions of Proposition 13, California’s landmark tax-limiting measure.

Under current law, property tax reassessments occur only after changes in ownership or new construction. SCA 5 would introduce annual assessments of commercial and industrial properties to more closely tie their tax rates to current market value.

Mitchell, D-Los Angeles, said the proposal is targeted at the largest corporations and property owners, many of whom have avoided reassessment in the nearly four decades since voters passed Proposition 13, sometimes by taking advantage of loopholes in the law. Homeowners and agricultural properties are exempted from SCA 5, which also includes a tax break for small businesses.

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Comments

  1. askeptic says

    Nothing good will come from this, except the ID’s of people who need to be voted out of office.

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