In November 2020, California voters will decide whether to fundamentally change how real property is taxed in the state. Proposition 15, if approved, would establish a “split roll” property tax regime, whereby commercial and industrial properties would be taxed differently than residential properties. It would amend the California Constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their current market value, rather than purchase price subject only to annual increases not exceeding 2%.
Continue reading the full GT Alert, California Voters to Decide Whether to Increase Property Taxes on Commercial and Industrial Properties.