California is in the midst of an unprecedented economic crisis. Small businesses in California face yet another threat—Prop 15 on the November ballot.
Prop 15 will be the largest property tax increase in state history at $11.5 billion per year.
Prop 15 shreds long-standing protections under Prop 13 that have kept property taxes affordable and provided every taxpayer who buys a home or operates a business with certainty that they can afford their property tax bills in the future. Prop 15 repeals these protections for business property by requiring reassessment at current market value at least every three years.
Higher property taxes under Prop 15 will cause rents to skyrocket for many small businesses and the cost of living to increase for all Californians.
That is why small businesses, farmers, social justice organizations, and taxpayer advocates across California oppose the massive tax increase under Prop 15.
Why should everyone should vote “NO” on Prop 15?
- Threatens jobs. An estimated 120,000 private sector jobs will be lost during a time of record unemployment.
- Raises prices for consumers. Higher taxes on businesses ultimately get passed on to consumers in the form of increased prices on just about everything people buy and use, including groceries, fuel, utilities, day care and health care.
- Hurts small businesses. Landlords usually pass property taxes on to small business tenants via “triple net leases” and Prop 15 does nothing to prevent this.
- Lacks accountability. Sacramento politicians can divert the new local government tax money for other purposes, just like they have done with the gas tax.
How you can help defeat Prop 15:
Join the Silicon Valley Leadership Group in opposing Prop 15, the $11.5 billion-a-year property tax hike on the November ballot.
Sign up to join the coalition online here: https://noonprop15.org/join-the-coalition/
–Dan Kostenbauder, Silicon Valley Leadership Group VP of Tax Policy, September 30,2020