This November, Courage California urges Californians to vote “Yes” on Proposition 15, known as “Schools & Communities First.”
Prop. 15 is a Constitutional amendment that would tax some commercial property based on its market value, rather than the price at which it was purchased.
This would make an adjustment to Proposition 13, passed by voters in 1978, which placed a cap on property taxes. It is important to note that the initiative would repeal ONLY the property tax protections for commercial landlords with more than $3 million in holdings.
Granted, this would raise property taxes on some large businesses across the state — by making them pay their fair share in taxes — but in doing so, it would provide long-overdue investments into our local communities.
If Californians pass Prop. 15 this November, landowners would have to make tax payments based on the current value of their properties. The result = commercial landlords (with more than $3,000,000 in holdings) would contribute a whopping $6.5 to $11.5 billion more for cities, counties and school districts!
Californians cannot afford to continue giving billionaires tax-cuts, when our communities are in dire need of resources. With Courage, we can ensure our families have the resources they need to survive and strive. We must have the Courage to put Schools & Communities First!
Prop 15 is a fair and balanced reform that:
- Closes property tax loopholes benefiting wealthy corporations.
- Cuts small business taxes.
- Reclaims billions every year to invest in our schools and local communities.
- Exempts homeowners, renters, small businesses and agricultural land so they continue to be protected by Prop 13.
- Prioritizes transparency and accountability by requiring public disclosure of all new revenues and how they are spent.
Just 10% of California’s most expensive nonresidential commercial properties account for 92% of Prop 15’s loophole-closing revenues. Learn more: www.yes15.org
“Schools & Communities First (Prop 15) and end the racist legacy of Prop 13’s that has enabled the hoarding of so much wealth in the hands of so few wealthy, corporate landowners.” PICO California
In the News: Fight over Prop. 15 already beginning
“A California judge ruled on Wednesday changes must be made to the election guide, ruling arguments against Proposition 15 are ‘false or misleading.’
As it stands now, Proposition 13 limits property taxes on businesses to 1 percent of the sales prices and to a 2 percent increase per year. Proposition 15 would allow local municipalities to tax businesses worth $3 million or more based on their market value once every three years.
Proposition 15 doesn't apply to homeowners. But opponents of the measure wrote in the voter information guide the initiative would allow the Legislature to raise property taxes on homeowners.” Aug. 10, 2020, The Porterville Recorder.
No on Prop. 15 backed by Paramount Group Inc., a real estate investment trust focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (D.C.) and San Francisco. The Company also has an investment management business, where it serves as the general partner and property manager of certain private equity real estate funds for institutional investors and high-net-worth individuals.