California is in the midst of an unprecedented economic crisis, and yet another threat is on the horizon for small businesses.
Prop 15 on the November ballot will be the largest property tax increase in state history at $12.5 billion per year.
Unless defeated by voters, the measure shreds long-standing Prop 13 protections that have kept property taxes affordable and provided every taxpayer that buys a home or operates business with certainty that they can afford their property tax bills in the future. Prop 15 repeals these protections for business property by requiring reassessment at current market value at least every three years.
Prop 15’s higher property taxes will cause rents to skyrocket for small businesses and the cost of living to increase for all Californians.
That’s why small businesses, farmers, social justice organizations, and taxpayer advocates across California oppose this massive tax increase.
Why should everyone be concerned about Prop 15?
Threatens jobs. An estimated 120,000 jobs will be lost during a time of record unemployment.
Raises prices for consumers. Higher taxes on businesses will ultimately get passed on to consumers in the form of increased costs on just about everything people buy and use, including groceries, fuel, utilities, day care and health care.
Hurts small businesses. Prop 15 does nothing to prevent higher property taxes from being passed to small business tenants through higher rents.
Lacks accountability. Sacramento politicians can divert the new local government tax money for other purposes, just like they have done with the gas tax.
How you can help defeat Prop 15:
We need your help to defeat the largest property tax increase in California history. Join the Oceanside Chamber and sign up online here.
