California Prop. 15, 19, and 21 Deal With Real Estate Prop. 15 - Commercial Property Tax
Proposition 15 would assess property tax at market value rates for commercial and industrial properties phased in over a 3 year period that are over $3 million in holdings. $12.5 Billion dollars would go to local governments and K-12 schools if passed. This proposition was placed on the ballot by California Association of Realtors to increase the number of properties sold per year.
Prop. 19 - No Sibling Transfer of Property Tax
Proposition 19 would no longer allow children to keep their parent's property tax payments on any properties they inherit. Also extends property owner 55 and over can keep their property tax on their existing home to a new home in any county.
Prop 21. Rent Control
Proposition 21 would extend rent control to all housing more than 15 years old (with some exceptions to single family homes). This proposition would allow local government to impose limits on rent increases when a new renter moved in. In California, current annual rent increases are set to no more than 5% plus inflation today.
How are you going to vote on the above propositions?
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