August 12, 2015

Endorsements

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The Culver City Democratic Club supports SCA 5, Reforming Inequities in Commercial Property Tax Annual Reassessment of Commercial Properties sponsored by State Senators Holly Mitchell and Loni Hancock, and its efforts to eliminate inequalities, loopholes and negative economic impacts of the current acquisition-value assessment system for commercial and industrial properties. Known as the Property Tax Fairness amendment, it would finally make California’s property tax code fair by assessing commercial and industrial properties at their market value, after a phase-in period. It would also provide significant tax relief for businesses, protect homeowners and renters from any changes to their property tax status, and create strict new accountability measures for new revenues.

SCA 5 would assess commercial properties at their fair market value, provide tax relief for businesses and protect homeowners and renters

“This legislation will address structural flaws in the commercial property side of Prop. 13 that have allowed a minority group of wealthy corporations and commercial property owners to dramatically lower their tax bills and shift that responsibility onto homeowners and renters,” said Senator Hancock. “Our homeowners are now being asked to pay the vast majority – 72% – of property taxes, while the commercial side pays only 28%. In 1978 when Prop. 13 passed, each paid about 50%. That’s not fair, and it has strained the community services our residents rely on.”

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