Taxes
New Split Roll Tax Initiative Submitted to California Attorney General
New Split Roll Tax Initiative Submitted to California Attorney General Taxes Last week, a law firm representing SEIU-UHW submitted a proposal to California state officials seeking to place a split roll tax proposal on the November 2022 ballot. Although the new proposal is still, in application, a split-roll property tax idea that dismantles Proposition 13,…
Read MoreAir Board Approves New Trucking Regulations, Will Cost Warehouse Operators Millions
The ISR is a new proposed air quality rule by the South Coast Air Quality Management District (SCAQMD) that would require warehouse owners and operators to either reduce …
Read MoreBOMA International Scores Big Wins on Federal Tax Provisions
In April of 2020, following extensive lobbying by BOMA International and its CRE partners, the CARES Act restored the 15-year depreciation schedule for qualified leasehold improvements or Qualified Improvement Property (QIP). Due to drafting error, the Tax Cuts and Jobs Act of …
Read MoreProposition 15 Defeat Shows California Prioritizes Growth and Small Businesses
The defeat of Proposition 15, the state’s largest tax initiative, is indicative of California’s strong preference for economic growth and small businesses. If approved, Proposition 15 would have raised taxes for thousands of local small businesses, while increasing the cost of living for everyday consumers. Fortunately, Proposition 15’s decisive defeat is a strong message to …
Read MoreNew Culver City Tax Will Cost Commercial Property Owners Millions
In response to the COVID-19 pandemic’s drastic impact on local tax revenue, the Culver City’s City Council voted 4-1 voted to play a tax proposal on the November 3 ballot. Voters would follow suit, with Measure RE being narrowly approved at just a margin of 819 votes. BOMA/GLA opposes this measure, as we believe the tax places an unfair onus on property owners …
Read MoreProposition 15 is Defeated!
Last Wednesday night, the Associated Press officially called the results of Proposition 15. Proposition 15, the largest property tax increase in California history, was defeated last night by a margin of more than 550,000 votes! This ends a challenge to dismantle …
Read MoreProperty Tax Relief Available for Civil Unrest Damages
According to the Los Angeles County Tax Assessor, you may be eligible for Misfortune or Calamity Property Tax relief if your property has been damaged by a natural disaster or other unforeseeable, sudden, and unusual occurrences. Filing a claim will temporarily reduce the assessed value of your property – and your property taxes. Granted, these values will remain in effect until …
Read MoreTell Your Friends – Proposition 15 Will Increase Cost of Living and Reduce Government Services
In the conversation regarding Proposition 15, most people pay attention to how a Split Roll tax regime would raise property taxes and hurt businesses in California. While the economic impacts of Prop. 15 are important to note, more attention needs to be placed on how Split Roll will affect families and important government services. Namely, Proposition 15 will increase basic costs while reducing available revenue for government programs.
Read MoreVisualizing the Huge Cost of Proposition 15
Visualizing the Huge Cost of Proposition 15 Elections, Taxes Proposition 15, still not approved by voters, could cost property owners millions. In short, Proposition 15 seeks to end Proposition 13 protections for property owners. Under this tax regime, commercial property owners would be taxed based on market value, which is constantly increasing every year. As…
Read MoreProposition 15 Puts Education Last
Proponents of Proposition 15 cite classrooms as the main reason for taxing local properties and businesses. Unfortunately, Proposition 15 actually places education last in line. Most commercial real estate and business organizations are not …
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