Help us defeat Prop 15, the $11.5 billion-a-year property tax increase on the November ballot. Now is not the time to increase our cost of living and make our economic crisis worse. The Sonoma County Farm Bureau is actively engaged in the effort to defeat prop 15 and to spread the word about this devastating legislation at the local level. We are developing an outreach campaign, created signs, and will be conducting studies to determine the potential costs of this legislation locally. To support our efforts, please contribute to our Political Action Committee, TheFamily Farmers Alliance. You may mail donation checks to 3589 Westwind Blvd., SantaRosa, CA 95403. We highly encourage all of our members to be educated about PROP 15 and advocate to your family, friends, neighbors, and network to VOTE NO on PROP 15.Visithttps://noonprop15.org/take-action/to join the No on PROP 15 Campaign!
The Nuts and Bolts of Proposition 15
- Rolls back part of Proposition 13, approved by the voters in 1978 by amending the California state Constitution to require commercial and industrial properties to be taxed based on their market value. Currently, the property is assessed at the tax rate from the time of purchase or when built.
- The term split roll refers to assessing taxes on commercial and industrial properties at market value while continuing to assess taxes on residential properties based on the purchase price. If approved, the assessment of properties from the purchase price to market value would begin in the fiscal year 2022-2023.
- Properties, such as retail centers, whose occupants are 50 percent or more small businesses would be taxed based on market value beginning in the fiscal year 2025-2026. However, this is not guaranteed. There is a required application process. The cash flow impact on property owners will be significant because there will be no phasing in of the increased property tax burden.
- The amendment would make an exception for properties whose business owners have $3million or less in holdings in California. Note: all holdings are totaled to receive the exemption. Regardless of how many properties or businesses a taxpayer owns, they will only be eligible for a total of $3 million exemption. The ballot initiative would exempt a tangible personal property of a small business from taxes and $500,000 in tangible personal property for a large small business.
- Don’t think Prop 15 will impact residential properties? Think again. Leading experts say that Prop 15 is the first strike at Prop 13 and that residential properties are next. We all need to join the fight to defeat Prop 15