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A split roll property tax initiative has been filed by Margaret R. Prinzing, an attorney with the politically active firm of Remcho, Johansen & Purcell, LLP.
The measure, titled the “Protect Homeowners and Close Corporate Tax Loopholes Act,” includes a doubling of the homeowners’ exemption – a “sweetener” to attract votes – along with a split roll that would dramatically increase property taxes for businesses.
The entire initiative can be read here. This is the initiative's stated purpose and intent:
1. This measure is intended to reduce property taxes for homeowners on the dwelling they occupy by doubling the homeowners' exemption from $7,000 to $14,000.
2. This measure is not intended to alter or repeal any other exemption currently applicable to taxes on real property or to increase or otherwise affect the property taxes paid by homeowners on noncommercial real property.
3. In addition, advocates for this measure contend it would do the following:
a. Ensure that commercial property is taxed at its fair market value.
b. Provide for periodic reassessment of non-residential, non-agricultural real property to market value.
c. Provide for the exclusion of $1,000,000 in personal property tax for businesses, in order to give small businesses immediate tax relief.
d. Provide additional money for local school districts that will increase the minimum funding guaranteed by Proposition 98.
4. In enacting this measure, the advocates intend for the Legislature, the county assessors, and the State Board of Equalization to work together to develop an efficient and equitable process to reassess nonresidential commercial real property to its current fair market value.