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…