October 12, 2024

California’s Prop 15 and Measure A Property Tax Increases

Prop 15 is a California state-wide proposition and Measure just applies to the City of San Diego.

GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING. To provide permanent and supportive housing for extremely low- to low-income individuals and families, including supportive mental health and substance abuse services, for populations including veterans, seniors, the disabled, youth and the homeless, shall the City of San Diego issue up to $900 million in general obligation bonds financed by property tax assessments estimated between approximately $3 and $21 per each $100,000 of assessed valuation for fiscal years 2022 through 2068.

California’s Prop 15 and Measure A Property Tax Increases

Prop 15

Most small businesses rent from owners whose property is worth $3mil +. Property owners won’t eat the raise in taxes. They will pass it on to the renters. The small businesses won’t eat the raise in rent which will cause them to raise their prices.this isn’t a tax on commercial property owners… it’s a tax on the California consumer. Not to mention, more businesses will leave California because of the ever-reaching tax burden on them. and… the hypothetical situation spoken of will come to fruition within 10 years of the passing of this tax.

No on 15. Not now. We are in a PANDEMIC. In another year, maybe. But businesses are in deep trouble now. Governments are subsidizing businesses. Prop 15 raids businesses. The $3m limit is an arbitrary smoke screen – a strip mall with a few small business tenants can easily go over $3m. The taxes will pass on to the struggling businesses!

Prop 15 will kill small business in California. Large real estate holding companies will pass along the tax increases to there rental tenants. This is a $15 billion tax increase state wide. Who do you think will pay that money ? The property owner will not, he will pass it on to his tenants. If they can’t afford the increase they close there doors. If the business property is owner occupied he raises his prices or moves his business to another business friendly state. How much money goes to the schools ? 40% of net after the state skims billions off the top.

 

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