The California Chamber of Commerce Says “No” to New Split-Roll Property Tax Ballot Proposal
The California Chamber of Commerce has voted to oppose The Tax Cut and Housing Affordability Act of 2022, which proposes a split-roll property tax on all real property valued at more than $4 million per parcel. The proposed ballot measure must collect at least 997,139 valid signatures by mid-April 2022 to qualify for the November 2022 ballot. If the initiative passes, the tax increases on residential, commercial, and industrial properties would cost taxpayers billions. It could double property taxes immediately for most targeted properties, and would be the largest tax increase in California—ever. The state’s independent Legislative Analyst’s Office has concluded that this proposed measure would increase property taxes by approximately $13 billion to $17 billion per year.
According to the California Chamber of Commerce President, Jennifer Barrera: “Ever since voters approved Proposition 13 in 1978, government employee unions and spending advocates have sought a split roll to raise taxes on businesses, but voters have recognized the danger of such a massive tax increase and have rejected split-roll taxes…voters must again reject this proposed enormous tax increase, particularly given the state’s projected second year of record budget surplus.”