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FOR IMMEDIATE RELEASE
June 23, 2020
SOS Press Office
Proponents Withdraw Initiative to Require Certain Commercial and Industrial Real Property to be Taxed Based on Fair-Market Value. Dedicates Portion of any Increased Revenue to Education and Local Services.
SACRAMENTO, CA – Secretary of State Alex Padilla today announced that an initiative eligible for the November 3, 2020 General Election ballot has been withdrawn by the proponents.
The Attorney General's official title and summary of the initiative is as follows:
REQUIRES CERTAIN COMMERCIAL AND INDUSTRIAL REAL PROPERTY TO BE TAXED BASED ON FAIR-MARKET VALUE. DEDICATES PORTION OF ANY INCREASED REVENUE TO EDUCATION AND LOCAL SERVICES. INITIATIVE CONSTITUTIONAL AMENDMENT. Taxes certain commercial and industrial real propertybased on fair-market value—rather than, under current law, the purchase price with limitedinflation. Exempts agricultural property and certain small businesses. Dedicates portion of anyincreased revenue to local services and to supplement, not replace, state’s minimum-fundingguarantee to schools. Provides tax exemption for $500,000 worth of tangible personal propertyused for business and all personal property used for certain small businesses. Summary ofestimate by Legislative Analyst and Director of Finance of fiscal impact on state and localgovernment: Net increase in annual property tax revenues of $6.5 billion to $10.5 billion in most years, depending on the strength of real estate markets. After paying for county administrative costs and backfilling state income tax losses related to the measure, the remaining $6 billion to $10 billion would be allocated to schools (40 percent) and other local governments (60 percent). (17-0055.)
The measure previously became eligible for the ballot on October 16, 2018, through a random sample verification of signatures.
Pursuant to Elections Code 9604(b), proponents may withdraw an initiative any time before the Secretary of State certifies it as qualified. The 131-day qualification deadline for the November 3, 2020, General Election is June 25.
The proponents of this initiative, Anthony Thigpenn, Helen Hutchison, and Benjamin McBride did not provide any contact information.
For more information about how an initiative qualifies for the ballot in California, go to http://www.sos.ca.gov/elections/ballot-measures/how-qualify-initiative/.