California Educator

December/January 2019

Issue link: http://educator.cta.org/i/1190776

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No Yes Yes No Does the owner have other commercial properties with a combined assessed value >$3M? REASSESSED SCF will reclaim $8-$12B every year for California by closing a commercial property tax loophole that benefits a frac on of large corpora ons and wealthy investors. Even a er SCF takes effect, California will s ll have one of the lowest property tax rates in the United States. EXCLUDED SCF exempts all proper es worth $3 million or less from reassessment. Is it "mixed use" property? Yes Is it a commercial property assessed over $3M? If >75% is used for residential: POTENTIALLY EXCLUDED SCF specifies that the legislature can exempt commercial property that is heavily used for residen al. No REASSESSED Yes Is it owned by a non-profit, such as university, church, or hospital? EXCLUDED Current law which provides property tax exemp ons for certain non-profits will stay the same. No If <75% is used for residential: EXCLUDED (PARTIALLY) SCF specifies that all residen al is exempt and only the por on of a property used for commercial purposes will be reassessed. SCF exempts all properties worth $3 million or less from reassessment. Current law that provides property tax exemptions for certain nonprofits will stay the same. SCF specifies that the Legislature can exempt commercial property that is heavily used for residential. SCF specifies that all residential is exempt and only the portion of a property used for commercial purposes will be reassessed. SCF will reclaim $8B to $12B every year for California by closing a commercial property tax loophole that benefits a fraction of large corporations and wealthy investors. Even after SCF takes effect, California will still have one of the lowest property tax rates in the United States. 39 D E C E M B E R 2 019 / J A N U A R Y 2 0 2 0 Sign the Petition CTA is gathering 150,000 of the needed 1.6 million signatures to qualify the SCF initiative for the November 2020 ballot. Go to your chapter president (or your Primary Contact Staff at CTA) to sign the petition, and ask your colleagues, friends and family to sign too. You can also volunteer to collect signatures at schoolsandcommunitiesfirst.org. Help us reach our goal and support our students, schools and communities now and in the future. take action!

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