In case you missed the webinar today, our presenters offered some great insight on what Prop 15 would mean to our industry.
If approved, Proposition 15, also known as the Tax on Commercial and Industrial Properties for Educational and Local Government Funding Initiative, would be an amendment to the Constitution requiring commercial and industrial businesses to be taxed at market value rather than at the purchase price. The market value of properties will be reassessed every three years beginning in fiscal year 2022-2023.
Greg Shutt, CBRE, SIOR 2020 Chapter President
Rex Hime, CBPA President and CEO
David Creeggan, Trainor Fairbrook Shareholder