Taxes
Tell Your Tenants: Proposition 15 will Raise their Rent
Amid an unprecedented economic crisis, special interests are pushing Proposition 15 on the November 2020 statewide ballot that will undo Proposition 13’s property tax protections. In short, this will be the largest property tax increase in California history. However, most relevant to the commercial real estate industry is Prop. 15’s impact on commercial tenants throughout California …
Read MoreBOMA/GLA Opposes Proposition 15, California’s Split Roll Initiative
The best way to describe what is going on with Split Roll was given by previous California Governor Jerry Brown: “Messing with Prop 13 is a big, fat loser.” Despite this, Prop 13 protections for commercial property owners will be challenged this November. Officially known as Prop 15, Split Roll is …
Read MoreLA City Rejects Vacancy Tax for Now, But Will Consider it for 2022
Fortunately, during Wednesday’s Special Meeting, the Los Angeles City Council moved to stall consideration of their vacancy tax. Originally, the motion called for placing the vacancy tax on the November 2020 ballot. However, Councilmember Mike Bonin, the main advocate behind the tax, admitted that there …
Read MoreVacancy Taxes are Ineffective and Harmful
The Los Angeles City Council has studied the feasibility of vacancy taxes to reduce empty properties. In effect, this tax would create punishments and taxes despite many owners who are genuinely attempting to sell their space. Though, as seen in other cities, a fee with the intent to punish property owners will have a host of other effects that will undermine the ability for property owners to do business.
Read MoreParcel Taxes Are Death by 1000 Papercuts
In a last minute effort, the Los Angeles County Fire Department (LACFD) added a parcel tax to the Board of Supervisors that was voted on after only a few months of life. With minimal public input, the ballot measure failed.
Along with other parcel taxes, this would have cost building owners thousands a year.
Prop 15. Must Not Pass During COVID-19 Pandemic
Split Roll is a cataclysmic issue for property owners throughout California. Unfortunately, the emergence of Covid-19 will only magnify the catastrophic impacts created by Split Roll. That is to say, the pandemic alone has already created disaster-level scenarios. With this in mind, it is obvious that passing Split Roll will massively exacerbate these issues.
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