Commercial Property Tax-Hike Initiatives Afoot:
"SACRAMENTO-Two new potential ballot initiatives are afoot that would drastically change how commercial properties in California are assessed and how much they are taxed. One calls for a 55% increase in the current property tax rate for commercial properties while the other wants commercial properties’ fair market value appraised more frequently. Currently, under Prop. 13, properties are taxed annually at 1% of their appraised value when purchased and may only have its fair market value adjusted after a majority stake is sold.
Attorneys from the San Leandro-based law firm Remcho, Johansen & Purcell LLP filed title and summary language for the proposed 2010 ballot initiatives earlier this month. They are the 'Protect Homeowners and Close Corporate Tax Loopholes Act' and the 'Education and Taxpayer Fairness Act.” In order to qualify as a potential constitutional amendment for the November 2010 ballot, each initiative would have to garner 700,000 signatures by the spring."
"SACRAMENTO-Two new potential ballot initiatives are afoot that would drastically change how commercial properties in California are assessed and how much they are taxed. One calls for a 55% increase in the current property tax rate for commercial properties while the other wants commercial properties’ fair market value appraised more frequently. Currently, under Prop. 13, properties are taxed annually at 1% of their appraised value when purchased and may only have its fair market value adjusted after a majority stake is sold.
Attorneys from the San Leandro-based law firm Remcho, Johansen & Purcell LLP filed title and summary language for the proposed 2010 ballot initiatives earlier this month. They are the 'Protect Homeowners and Close Corporate Tax Loopholes Act' and the 'Education and Taxpayer Fairness Act.” In order to qualify as a potential constitutional amendment for the November 2010 ballot, each initiative would have to garner 700,000 signatures by the spring."