Taxes
Property 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 …
Read MoreProp. 15 Will Worsen The Housing Crisis
It’s no surprise that Californians are leaving the state in record numbers. Due to rising rent, cost of living, and taxes, California is becoming less affordable for many Americans. Despite this, legislators are supporting Proposition 15, a ballot measure that would create higher …
Read MoreProposition 15 Lacks Government Transparency And Accountability
As we’ve highlighted on our site, Proposition 15 will do much to hurt businesses and families across California. With that being said, more attention should be focused on how Proposition 15 will not do much to help schools and classrooms. In fact, while special interests are using Proposition 15 in the name of school improvement, it will mainly prioritize administrative costs …
Read MoreTell 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.
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