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1 Ulrik Boesen, Split Roll Initiative in California Threatens Property Tax Limitations on Commercial Real Estate 1 (2020)

handle is hein.taxfoundation/tfsplrll0001 and id is 1 raw text is: Split Roll Initiative in California Threatens Property Tax Limitations on Commercial Real Estate FISCAL Ulrik Boesen FACT Senior PolicyAnalyst, Excise Taxes No. 728 Sept. 2020 Key Findings California has one of the nation's least business-friendly tax environments, ranking 48th on the Tax Foundation's State Business Tax Climate Index, which measures tax structure. However, the state's property tax code is a relative bright spot, with the state ranking 14th on that component of the Index. If approved by California voters on Election Day and fully implemented, Proposition 15-also known as The California Schools and Local Communities Funding Act of 2020-could see the state drop to 33rd for property taxes on the Index. In 1978, voters passed Proposition 13, which capped property tax rates at 1 percent (for both residential and commercial property) and limited assessment growth to 2 percent per year. Proposition 15 would introduce a split roll property tax system in California by changing the assessment regime just for commercial property. If enacted, the changes are expected to increase the property tax burden on commercial activity in California by between $8 billion and $12.5 billion annually. Proposition 15 is being offered as a measure to raise taxes on businesses but much of the cost will be picked up by consumers through higher prices on goods and services. The Tax Foundation is the nation's leading independent tax policy - Proposition 15 would add complexity and increase non-neutrality in research organization. Since 1937, com leit non-neutralityx oliy orese s andxperts California's property taxes, rather than correcting the shortcomings of thse e ate, anlonrobat Proposition 13, and would make the state considerably less attractive for organization. business investment. ©2020 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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