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CLOSING CORPORATE PROPERTY TAX LOOPHOLES

THE PROBLEM:

When homeowners buy a new house, the property is reassessed and the property tax increases.

But wealthy corporations and investors in nonresidential commercial and industrial property have ways of avoiding reassessment and keeping their taxes low.

Corporations change ownership all the time, but their property doesn’t get reassessed. They employ armies of lawyers and accountants to exploit loopholes to avoid reassessment.

These corporate loopholes deprive our schools and local communities of billions of dollars in badly needed revenues every year, and we pay the price.

THE SOLUTION: PROP 15 CLOSES THE LOOPHOLES!

THE WEALTHY OWNERS OF ONLY 10% OF CALIFORNIA’S MOST EXPENSIVE BUSINESS PROPERTIES WILL PROVIDE 92% OF PROP 15’S LOOPHOLE-CLOSING REVENUES. 

Prop 15 closes loopholes by requiring non-residential commercial and industrial property to be reassessed based on its actual fair market value. The fair market value standard is used in nearly every other state to assess commercial and industrial property.

By closing these loopholes, Prop 15 will ensure wealthy corporations pay their share to support the schools and essential services provided by local communities from which they benefit.

Prop 15 keeps California business property taxes below most other states by maintaining Prop 13’s low 1% limit on property taxes. For example, businesses in Dallas pay 2.56%, in Phoenix they pay 2.57%, and in Portland they pay 2.46%.

Prop 15 also cuts taxes for small businesses and encourages new investment and start-ups by providing businesses with a $500,000 exemption on the business personal property tax on equipment, computers and fixtures. As a result, many small businesses will see a net reduction in their taxes.

WANT TO KNOW MORE? READ MORE ABOUT WHAT PROP 15 DOES BELOW! 

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CLOSING PROPERTY TAX LOOPHOLES

SUPPORTING SMALL BUSINESSES

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PROTECTING AGRICULTURE AND GIVING FARMERS A TAX CUT

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REQUIRING FULL TRANSPARENCY AND ACCOUNTABILITY

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PROTECTING HOMEOWNERS AND RENTERS

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RECLAIMING BILLIONS FOR OUR SCHOOLS AND COMMUNITY COLLEGES

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INVESTING BILLIONS DIRECTLY IN OUR LOCAL COMMUNITIES

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Paid for by Yes on 15 - Schools and Communities First sponsored by a Coalition of Labor Groups and Social Justice Organizations Representing Families, Students and Essential Workers.

Committee major funding from:

California Teachers Association

Chan Zuckerberg Initiative Advocacy

SEIU California State Council