Closing California’s Perceived Prop 13 Corporate Loophole
SB 259, a bill that includes language to close the perceived loophole in the portion of Proposition 13 which governs “changes of ownership” in entities that own real property located in California, has been returned to the Secretary of the Senate and will not be moving forward.
California’s Proposition 13 (“Prop 13”) was famously passed in the 1970’s in an effort to protect property owners from dramatic rises in their annual property tax bills. It limits the ad valorem taxes on real property to 1% of the full cash value of the property at acquisition, with a 2% annual cap on assessment [...]Read more