November 2020

Found 1 blog entry for November 2020.

On November 2nd, everybody knew that as it always does, California would vote Blue––what wasn't certain was how they'd decide on several propositions that were on the 2020 ballot. Props 15 & 21 were two issues that would have a major effect on the real estate industry in Los Angeles. What was the outcome and how will that affect you? Read on to find out.

Prop 15: NO

What is Prop 15? To put it simply, a "yes" on Prop 15 would loosen commercial and industrial property tax limits.

In 1978, Proposition 13 was passed which stipulated that commercial properties pay taxes on the value of a space when it was first purchased. It limits the tax rate to 1% of that value amount, and the assessed value cannot increase more than 2% each year.

As you can

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