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3395SouthBascom
Medical/Retail/Office building for sale or lease.
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2903 Bunker Hill, 2933 Bunker Hill
N o v e ~ b e r
s:-:
2009
VIA
MESSENGER
Office
of
theAttorneyGeneral1300"I"StreetSacramento,CA95814Attention:KrystalM.Paris
09-0077
~ C E I V E a
NOV
052009
INITIATIVECOORDINATORATTORNEYGENERAL'S
OFFICE
Re:
ProtectHomeowners
and
CloseCorporateTaxLoopholes
Act
DearMs.Paris:PursuanttoElectionsCodesection9002,werequestthattheAttorneyGeneralprepareatitleandsummary
of
ameasureentitled"ProtectHomeowners
and
CloseCorporateTaxLoopholesAct."
The
text
of
themeasure,acheckfor$200.00,theaddressatwhichweareregistered
to
voteandthesignedstatementcertifyingthatwewillnotwillfullyallowinitiativesignatures
to
beusedforpurposesotherthanqualification
of
themeasureareenclosed.Pleasedirectallcorrespondenceandinquiriesregardingthismeasureto:Robin
K
JohansenKarenGetmanRemcho,Johansen&·Purcell,
LLP
201DoloresAvenueSanLeandro,CA94577Phone:(510)346-6200Fax:(510)346-6201Sincerely,KG:NLEnclosures
(00094256)
.Roberta
0&lansen
KarenGetman
\J
09-0077
PROTECT
HOMEOWNERS
AND
CLOSECORPORATE
TAXLOOPHOLES
ACT
SECTION
1.
Title.
ThisActshallbeknownasthe"ProtectHomeownersandCloseCorporateTaxLoopholesAct."
SECTION
2.FindingsandDeclarations.
ThePeople
of
theState
of
Californiafindanddeclarethat:
1.
In2009,theLegislatureandGovernorenacted$31billionincutstothestatebudget,eliminatinghealthcareandothervitalservicestoourneediestcitizens.Theyfurloughedstateworkersandcontinuetoraisetuitionateveryinstitution
of
publichighereducation.2.Publicschoolsarebearingthebrunt
ofthese
cuts.Overthelasttwoyears,theStatehascutmorethan$17billionfromtheK-12schoolsystem.Schoolshavelaid
off
over20,000classroomteachersandeducationalsupportstaff.Therewill
be
nonewtextbooksforyears.Entireathleticprogramshavebeeneliminated.Classsizesinmanyschoolshavegrowntothepointwherehighschoolclassesmaycontainmorethan40students.3.Policeandfireservicesarethreatenedalongwithourstateparks.4.California'spropertytaxsystemcontainsagiganticloopholethatallowscorporationsandcommercialpropertyownerstoavoidpayingtheirfairshare.Thatloopholeoftenallowsbusinessestochangeownershipwithoutbeingreassessed,whichhomeownerscannotdo.Asaresult,theburden
of
payingforthingslikepoliceandfireservicesnowfallsmoreheavilyonhomeowners.
,
5.Unlikesingle-familyresidences,commercialbuildingsproduceincomefortheirowners.Furthermore,Californiacommercialrealpropertytaxratesareamongthelowestinthenation.
It
makessense,therefore,
to
reassesscommercialrealpropertyatcurrentmarketvalueandusetheincreasedrevenuestorestorevitalservicestoourseniorsandhealthcaretoourkids,protectfunding
of
publicsafety,andalsoimprovethefunding
of
California'spublicschools.-
6.
Smallbusinesseswillbeprotectedbynewexemptionsfromthepersonalpropertytax.7.Homeownerspropertytaxexemptionshaveremainedthesamesince1968,withnoadjustmentforinflation.HomeownerspropertytaxesshouldbereducedbydoublingtheHomeownerPropertyTaxexemptionfrom$7,000to$14,000.Qualifiedrenterswillalsoreceiveanincreaseintheirtaxcredit.
1
SECTION3.Purpose
and
Intent.
1.
Thismeasureisintendedtoreducepropertytaxesforhomeowners
on
thedwellingtheyoccupybydoubling
the
homeowners'exemptionfrom$7,000to$14,000.2.Thismeasureis
not
intendedtoalter
or
repealanyotherexemptioncurrentlyapplicabletotaxes
on
realproperty
or
toincrease
or
otherwiseaffect
the
propertytaxespaid
by
homeowners
on
noncommercialrealproperty.3.Inaddition,thePeople
enact
thismeasuretodothefollowing:
a.
Ensurethatcommercialpropertyistaxedatitsfair
market
value.b.Provideforperiodicreassessment
of
non-residential,non-agriculturalrealpropertyto
market
value.c.Providefor
the
exclusion
of$I,OOO,OOO
inpersonal
property
tax
forbusinesses,
inorder
togivesmallbusinessesimmediate
tax
relief.d.Provideadditional
money
for
localschooldistricts
that
willincreasetheminimumfundingguaranteed
by
Proposition98.4.
In
enactingthismeasure,
the
PeopleintendfortheLegislature,the
county
assessors,andtheStateBoard
of
Equalizationto
work
togethertodevelop
an
efficient
and
equitableprocesstoreassessnonresidentialcommercialrealpropertytoitscurrentfairmarketvalue.
SECTION
4.
Section2.5is
added
toarticleXIIIA
of
the
CaliforniaConstitution:
Sec.
2.5.
(a)
Notwithstandingsection
2,for
theliendate
for
fiscal
year
2012-13,the''fullcashvalue"
of
nonresidentialrealpropertythatisnot
used
for
commercialagriculturalproductionorisotherwiseexemptundertheConstitution
or
statuteisthefairmarketvalue
of
thatpropertyas
of
thatdate.Followingtheliendate
for
fiscalyear2012-13,eachcountyassessorshallreassessrealpropertysubjecttothissectiontoitscurrentfairmarketvalue,asdefinedbystatute,atleasteverythreeyears.
(b)
Forpurposes
of
thissection:
(1)
"Nonresidentialrealproperty"meansanyrealpropertyotherthanasingle-familyormultifamilyunitthatisintendedtobeusedprimarilyasapermanentresidenceandisusedprimarilyasapermanentresidence
or
thatiszonedasaresidence,
and
the
land
onwhichthatunitisconstructed,oranyportion
of
theproperty
used
asaresidence.
(2)
Nonresidentialrealpropertyis"usedforcommercialagriculturalproduction"
if
thatrealpropertyisused
and
zoned
for
producing
2
of 00
Protect Homeowners and Close Corporate Tax Loopholes Act
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| Upload Date: | 11/17/2009 |
| Copyright: | Attribution Non-commercial |
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