Title

Requires Assessment of Most Commercial Property Every Three Years. Provides Tax Reduction for Homeowners, Renters, and Businesses. Initiative Constitutional Amendment and Statute.

Attorney General No.

11-0087

Secretary of State No.

1560

Description

Changes existing law to require that commercial property be assessed at fair market value at least once every three years. Excludes residential and agricultural property. Increased revenue is subject to Proposition 98, governing education funding. Doubles homeowners' tax exemption and renters' credit. Excludes from taxation the first $1 million in tangible personal property.Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Annual state revenue increase of about $4 billion from higher property tax assessments on commercial and industrial property. New revenues used in part to increase state funding for schools and community colleges ($2 billion) and provide tax relief to homeowners and businesses ($1 billion). Annual local government revenue increase of about $450 million from higher property tax assessments on commercial and industrial property.

Proponents

Margaret R. Prinzing, Remcho, Johansen & Purcell, LLP Phone: (510) 346-6200

Date

1-23-2012

Document Type

Initiative

Qualified

Failed to Qualify

Recommended Citation

Requires Assessment of Most Commercial Property Every Three Years. Provides Tax Reduction for Homeowners, Renters, and Businesses. Initiative Constitutional Amendment and Statute. California Initiative 1560 (2012).
https://repository.uclawsf.edu/ca_ballot_inits/1768