September 2, 2018
Will the Split-Roll Property Tax Destroy California?
Eight hundred fifty thousand signatures have been gathered in California in support of a voter initiative that would supposedly increase property taxes by 2020 for commercial and industrial properties to get around Proposition 13 property tax protections. The initiative would leave small business and residential properties alone. It is called the California Schools and Local Communities Funding Act. But raising property taxes on leased commercial properties would result in lower tax revenues. What Is Split-Roll Property Tax? A split roll tax means applying a tax formula for commercial and industrial properties different from the formula applied for residential properties. The tax roll is an official breakdown or list of all the properties to be taxed. California Proposition 13 protects property-owners from very high or very low re-assessed property values each year by increasing the base value of a property by not-to-exceed 2% per...(Read Full Article)