Real Estate/Development
Oct. 12, 2020
Proposition 15 would reshape commercial real estate leasing
November ballots in California will feature Prop. 15, which seeks to change California law to tax most commercial properties based on their current market value rather than the existing tax regime created in 1978 by Prop. 13.
Fernando Landa
Partner
Crosbie Gliner Schiffman Southard & Swanson (CGS3)
Email: flanda@cgs3.com
Fernando specializes in the acquisition, development, financing, leasing and disposition of commercial real estate assets.
November ballots in California will feature Proposition 15, which seeks to change California law to tax most commercial properties based on their current market value rather than the existing tax regime created in 1978 by Prop. 13. If passed, Prop. 15 would upend the commercial real estate industry, but the bulk of the tax increases would be borne by California businesses, not property owners.
Under current law, a commercial property...
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