Supporters of a California initiative to overturn Proposition 13 (which limits property tax increases absent a change in ownership) for commercial properties have formally qualified a revised initiative for the November 2020 ballot. Initiative 17-0055 had previously qualified for the ballot and would have overturned Proposition 13 by allowing regular reassessment of commercial and industrial property, except for owner-operated commercial/industrial property worth less than $2 million.
Revised Initiative 19-0008 would make a number of changes, including increasing the exemption to $3 million. Click here to read a press release issued by Californians to Save Prop 13 and Stop Higher Property Taxes, a bipartisan coalition of civil rights, social justice, business and community leaders, of which Nareit is a member.
(Contact: Dara Bernstein at dbernstein@nareit.com)