Speak Out California will be focusing between now and June on the ballot initiatives and issues that will be on the June ballot. We will provide in-depth analysis of each as well as overviews. We’ll also be doing regular updates on who’s funding what and how much is being spent.
Proposition 13: Property Tax: New Construction Exclusion: Seismic Retrofitting. This June ballot initiative is named “Proposition 13” but it is not related to the 1978 initiative that cut property taxes.
This initiative prohibits tax assessors from re-evaluating taxes on new construction that is done for the purpose of seismically retrofitting – making the building earthquake-safe. The construction would not result in increased property taxes until the building is sold.
What changes: According to the Legislative Analyst’s Office, currently some properties are exempt for 15 years from tax increases based on earthquake retrofits. Upgrades on unreinforced masonry buildings get a 15-year exclusion while other buildings are excluded until sold.
The League of Women Voters has no recommendation on this proposition.
who/what is funding this initiative?