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Gov. Newsom Backs Prop. 15 ‘Split Roll’ Property Tax Increase on Business

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On Friday, Governor Gavin Newsom threw his support behind Proposition 15, which would change how both commercial and industrial properties are taxed, leading to immediate outcry from businesses, industry leaders, and tax groups across the state.

Prop 15 would amend the constitution and change the current tax law, which has been in place since 1978. Prop 15 would have commercial and industrial properties be taxed based on market value rather than the current method of taxing the purchased price with annual increases of 2% or the rate of inflation, whichever is lower. Under a ‘split roll system’, taxes would be assessed on commercial and industrial properties by market value, with residential properties still being assessed by purchase price.

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