Taxes
New Santa Monica Real Estate Tax Initiative
Santa Monica voters should expect a Real Estate Transfer Tax initiative on their ballots this fall. If passed, it would raise the transfer tax rate from 0.6% to 5.6% for properties transferred at $8 million or more.
This tax will significantly impact both commercial and residential properties and their tenants.
LA Considering Parcel Tax for November Ballot
The City of Los Angeles is considering the placement of a Parcel Tax Measure for the November 2022 ballot. The tax’s purpose is to provide funding for parks and recreation infrastructure.
The proposed tax rate is not available yet. However, any new tax proposal in the current economic climate is concerning.
New Tax Measure Coming to Culver City
On June 13th, the Culver City City Council decided against adding a parcel tax to the November ballot. However, they will proceed with a Business License Tax ballot measure.
Read MoreNo New West Hollywood Vacancy Tax for Now
In a victory for property owners, West Hollywood will not be placing a vacancy tax measure on the November 2022 ballot. Instead, in a 3-2 vote on June 6th, the West Hollywood City Council decided to move the discussion of the ballot measure to March 2023.
Read MoreA Look at the Cost of Living in Los Angeles
When people think of Los Angeles, it’s often synonymous with a high cost of living. As Angelenos know too well, this could not be further from the truth. According to the data, Los Angeles is known as one of the most expensive cities to live in. Although Los Angeles’ growth is producing higher wages and new industries, those …
Read MoreNew Split Roll Tax Initiative Fails to Make Ballot!
Late last year, 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. In application, this new proposal was dramatically different from Proposition 15, a tax initiative that was defeated last year. Preliminary titled as the “Housing Affordability and Tax Cut Act of 2022”, the proposal would tax …
Read MoreNew Real Estate Transfer Tax is Another Misguided Response to the Homelessness Crisis
Among one of the most high-profile election cycles in recent memory, voters could also take up a controversial tax hike, which could cost property owners upwards of $8 billion. The tax would add another real estate transfer tax …
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 …
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