What Every Business Must Know About Prop 15, the $12.5 Billion-A-Year Property Tax Hike on the November Ballot.
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. More details.
