What Prop 15 Means to California Hotel Owners

JLL | October 30, 2020

By David S. Calverley What is Prop 15? On election day this year, voters in California will be choosing between maintaining the existing Prop 13 which has been in place for 42 years (since 1978) and Prop 15, the first meaningful adjustment to tax laws with regard to assessing real estate in California for property tax purposes. Proposition 15 is a constitutional amendment to require commercial and industrial properties to be taxed based on their market value, rather than their purchase price and will go no less than three years between assessments, where-as currently property is valued on the date of transfer and capped at a rate of 2%...