This November, several measures on the ballot will impact the real estate and property management industries. Consider the propositions and vote accordingly.
Proposition 15 – Tax on Commercial and Industrial Properties for Education and Local Government Funding is an initiated constitutional amendment. A “yes” vote supports this constitutional amendment to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value, rather than their purchase price. A “no” vote opposes this constitutional amendment, thus continuing to tax commercial and industrial properties based on a property’s purchase price, with annual increases equal to the rate of inflation or 2 percent, whichever is lower.
Proposition 19 – Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment, is a legislatively referred constitutional amendment. A “yes” vote supports this constitutional amendment to: allow eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment; increase the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three; require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred; and allocate additional revenue or net savings resulting from the ballot measure to wildfire agencies and counties. A “no” vote opposes this constitutional amendment, therefore continuing to: allow eligible homeowners to transfer their tax assessments within counties and to homes of equal or lesser market value; keep the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments at one; allow the tax assessments on inherited homes, including those not used as principal residences, to be transferred from parent to child or grandparent to grandchild.
Proposition 21, the Local Rent Control Initiative, is an initiated state statute. A “yes” vote supports this ballot initiative to allow local governments to enact rent control on housing that was first occupied over 15 years ago, with an exception for landlords who own no more than two homes with distinct titles or subdivided interests. A “no” vote opposes this ballot initiative, thereby continuing to prohibit rent control on housing that was first occupied after February 1, 1995, and housing units with distinct titles, such as single-family homes. All information was gathered from www.ballotpedia.com
For more information, go to www.newbridgemanagement.com.