Retail Real Estate Rumble: Are New Tax Proposals Friend or Foe?
Marc Perlof • October 30, 2023
Hey Retail Real Estate Rockstars! Today, we’re diving into some changes in California that might affect our retail real estate scene. There's talk about tweaking the rules on property taxes in 2024 and beyond, which could hit the wallet of retail property owners a bit hard. Here’s a quick look:
- Assembly Constitutional Amendment 3, a new idea called "Wealth Tax", might have us paying taxes on the current market value of our properties every year.¹
- Another suggestion, Assembly Bill 362, wants to switch up the property tax system to a “land value tax” to push for more building projects.¹
- And don't forget the “Split Roll” idea from 2020, which aimed at raising property taxes on businesses, might make a return.¹
These changes could mean retail real estate owners like us need to think differently about how we manage our properties.
Fellow property owners, it's essential to stay in the know. Reach out to local reps, join retail real estate forums, and let’s keep the conversation going. Call, Text, or DM me for more information.
How ready are you for these possible changes?
#RetailRealEstate #Prop13 #MarcRetailGuy #CaliforniaLegislation #TaxReform
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