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News & Press: Sacramento Report

California Initiative Filed to Allow Reassessment of Commercial Properties

Tuesday, January 16, 2018  
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On December 15th a group filed a request with the California Attorney General for a title and summary of an initiative that would remove Proposition 13 restrictions on reassessments. Currently, commercial and industrial properties are treated the same as residential properties under Prop. 13, with the assessment upon a sale limited to one percent of the value and annual increases limited to two percent a year. 

The initiative, entitled The California Schools and Local Communities Funding Act of 2018, would need to collect over 300,000 signatures to be eligible for the November ballot.   

Estimates are that the reassessments would raise over $11 billion.  Part of the idea behind the initiative may be to capture benefits that the proponents perceive to have been granted to property owners under the new federal tax bill.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851