• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions (Credit: iStock)
Prop 15 property tax measure draws millions (Credit: iStock)

More than $50 million has been spent on efforts that support and oppose Proposition 15, a statewide measure on the November ballot that would raise taxes on most commercial properties.

Not surprisingly, most developers and property owners strongly oppose Prop 15, which would institute a split-roll tax scheme, according to the Los Angeles Times.

Prop 15 would essentially revise Proposition 13, which voters approved in 1978. Under Prop 13, property values are reassessed only upon a change in ownership. Someone who has owned a property since 1980 is still paying taxes based on the lower, outdated assessment from that year.

If voters pass Prop 15, but commercial property taxes would be based on the market-rate value of a property. The new measure does not affect residential properties.

So far, the “No on 15” campaign has raised more than $20 million to fight the November ballot measure. Its major backers are developers and owners of large swaths of land, including agricultural properties and golf clubs, according to the report.

But they are being outspent by the measure’s supporters, who have raised more than $30 million. That money has come mostly from groups that stand to benefit from the estimated $12 billion in tax revenue a split roll could generate, including teachers unions. Gov. Gavin Newsom supports Prop 15.

The campaign to pass the measure received a $6.3 million injection from a foundation formed by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, according to the Times. [LAT] —Dennis Lynch

The post Prop 15 property tax measure draws millions of dollars from for and against campaigns appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 09 October 2020
  • The Real Deal
  • Uncategorized
  •  Like
Fewer than half of holiday shoppers will hit the mall this year →← Judge reverses ruling on Trump Organization subpoena
  • Recent Posts

    • Stream Realty OK’d for 100K sf warehouse in Cudahy  May 20, 2025
    • Ruins of Mohamed Hadid’s failed Bel-Air mansion up for auction May 20, 2025
    • Airline seatmaker leases 280K sf warehouse in Huntington Beach May 20, 2025
    • Reality TV personalities Heidi Montag, Spencer Pratt can’t afford to rebuild Palisades home May 19, 2025
    • Historic Fairfax Theatre looks for buyer to drop $45M May 19, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM