SPLIT ROLL BATTLE IS ON AND SCHEDULED FOR NOVEMBER 2020!
Proponents of the Split Roll Property Tax measure that is currently circulating believe they will reach the required number of signatures. They have also decided to move the measure for the November 2020 ballot measure. They believe that more time to message and fundraise coupled with an expected higher Democrat-base voter turnout in the Presidential election will give them a higher chance of winning.
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.
Last month, BOMA/GLA leaders met with LA County Property Assessor Jeff Prang to discuss his first four years in office, his re-election campaign in 2018, and his goals for his next term. Assessor Prang was thoughtful and demonstrated a strong understanding of the issues facing commercial real estate as property values continue to rise.