What Would Prop 15 Mean For Retailers? We Visited One Of California’s Top Malls To Find Out
Among the many propositions facing California voters this election is Prop 15, which can be boiled down to one basic question: Are commercial property owners paying their fair share in taxes?
The ballot measure aims to raise as much as $11.5 billion for California schools and local governments. It would do that by raising taxes on larger commercial properties — particularly those that have been held under the same ownership for many years.
Many tax experts say California’s current system favors older, legacy businesses while saddling newer property owners with higher costs. But business groups opposing Prop 15 argue there’s nothing unfair about the existing rules, which they say provide certainty and encourage long-term investment in California real estate. University of North Texas adjunct professor of real estate Marc Moffitt told us:
“This particular reform really goes to the heart of the issue of equity."
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