NAREIT Joins Coalition Opposing California Property Tax Legislation

NAREIT and a group of industry organizations wrote to California legislators on June 15 to voice their opposition to a legislative proposal that would create a split-roll property tax system.

In a letter to California state Sens. Loni Hancock (D) and Holly Mitchell (D), the coalition said the proposal would single out commercial and industrial property owners for tax increases and undo the protections granted to them under California’s Proposition 13 law.

“More than 37 years ago, voters approved Proposition 13 to provide the framework for a fair and predictable property tax system; and public opinion polls show that Proposition 13 remains popular with Californians,” the organizations wrote.

(Contact: Dara Bernstein at dbernstein@nareit.com)