“Calif. Real Estate Regulations, Legislation To Watch In 2021”
By Andrew McIntyre
“Since the passage of Prop. 13 in 1978, commercial and residential properties in the state have only been reassessed for tax purposes when they’ve sold, and lawmakers and special interest groups have been trying to rewrite the law for decades.
Voters in November rejected a so-called split roll change to Prop. 13 by voting down Prop. 15, which would have required most commercial and industrial properties to be taxed on market value rather than purchase price. But experts expect continued efforts in 2021 to change Prop 13.
“The rewrite of California’s property tax system failed this year. It’s going to come back,” said Manuel Fishman, a shareholder at Buchalter PC. “When there was a wholesale effort targeted at commercial properties, it failed. I do think there will be a continued effort to try to change California’s Prop. 13.”
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