October 30, 2015
In what NAIOP SoCal is calling a “significant win for the commercial real estate industry,” a group has dropped efforts to add a split roll property tax initiative on next year’s ballot.
The California Business Properties Association (CBPA) says that it would have been a $9-billion tax increase imposed on California properties. However, the group pushing for the effort, California Calls, said it would try to have the tax added to a ballot at a later date.
Such a measure would have dismantled Proposition 13, which was passed in 1978 and reduced property taxes for both homes and businesses.