SPLIT ROLL PROPONENTS GATHERING SIGNATURES TO PLACE CONSTITUTIONAL AMENDMENT ON NOVEMBER BALLOT

Signatures are being gathered to place an initiative on the November ballot that would change Prop. 13 and significantly increase property taxes on commercial owners. Reassessments would occur every 3 years. The initial assessment would take place January of 2020.

BOMA CALIFORNIA DISPOSITION OF COMMERCIAL PROPERTY BILL PASSES FIRST COMMITTEE

BOMA California’s legislation regarding disposition of tenant personal property passed out of the Assembly Judiciary Committee.  The amended bill, AB 2173 by Assembly Member Santiago, changes the current threshold for a required public auction from $750 or $1 per square foot of tenant space to $2500 or one month’s rent, whichever is greater.

BOMA/GLA also took the step of obtaining support for the bill from the L.A. County Business Federation (BizFed), whose Board voted its approval on March 20th.

BIZFED COMMITTEE SUPPORTS BOMA/GLA ABANDONED PROPERTY BILL

BOMA California, our statewide advocate, has sponsored AB 2173 by Assemblyman Santiago aimed at lessening the burden on commercial owners left with abandoned property by vacating tenants.  Commercial landlords are mandated by state law to hold a public auction for personal property left on the premises by tenants if items are worth more than $750 or the equivalent of $1 per square foot of rental for the property. Often the cost of the auction far exceeds the value of the property, and wastes both time and money.

BOMA CAL WORKING WITH ASM. MIGUEL SANTIAGO ON ABANDONED COMMERCIAL PROPERTY BILL

Last week, Assemblyman Miguel Santiago introduced AB 2173 aimed at reducing the number of public auctions commercial owners must hold for abandoned personal property. BOMA California sponsored the bill, and BOMA/GLA successfully obtained the Assemblyman as the author.