Marin Builders Association Votes to OPPOSE Proposition 15: Split Roll Property Tax Increase Measure
If approved by voters, Proposition 15 would require that all commercial and industrial properties, with limited exceptions, be reassessed to full market value, and then reassessed every three years. Exempted from this requirement would be any residential property, including rental housing, property used for production agriculture, and some small business property holdings.
Proposition 15 proposes to raise up to $12 billion a year through a split roll property tax on commercial and industrial properties.
The higher taxes imposed by Proposition 15 would likely be passed on to consumers, or would force businesses to reduce their overhead which might result in loss of jobs. According to a 2012 study by the Davenport Institute at Pepperdine University, a split roll could cost the California economy $71.8 billion of lost output and 396,345 lost jobs over the first five years.
The Marin Builders Association Board of Directors voted to oppose the measure because more than 800 Marin small businesses could be impacted if this proposition is approved by voters. Proposition 15 would increase property taxes on business by 25% and would be the largest tax increase in California history.