No Vote on Prop 15
We’re sorry to hear you plan to vote no on Prop 15. Since you are a supporter of TechEquity, we’d like to know more about why you plan to vote no.
Since 2017, TechEquity has been working as a part of the Schools and Communities First Coalition to pass Prop 15. That’s because Prop 15 addresses a root cause plaguing many policy issues in California—an imbalanced property tax system that starves our communities of funding, distorts land use, and prevents growth.
We looked into the claims opponents of Prop 15 are making and want to set the record straight.
FACT: Prop 15 does not apply to any residential property and will not affect homeowners; these properties are totally exempt from the proposition. Opponents of Prop 15 tried to scare homeowners by submitting this falsehood in their official ballot arguments. CA Superior Court Judge James P. Arguelles ruled that this claim “is misleading if not outright false”. The court ordered that the No on Prop 15 campaign strike this misleading language from their ballot arguments!
FACT: According to a recently published study from Beacon Economics, small business rents are determined by many things, but property taxes aren’t one of them—after analyzing 12,000 properties, they found that landlords charge in rent what the market can bear, and the savings they get from low property taxes doesn’t get passed down to renters. The authors concluded that “reassessments do not increase rents” and “most properties would not be affected,” and reaffirmed that “the burden of Prop. 15 would fall on the state’s largest corporations and highest-value properties.”
FACT: A group of leading economists penned a letter on this very subject, dispelling the myth that property taxes dictate the price of goods and services, stating that “standard economic theory says that these kinds of impacts reduce windfall profits; they do not lead to price increases.”
FACT: Prop. 15 is not a tax increase on Californians, it’s a measure to close loopholes that benefit the top 10% of corporations. An analysis of Prop. 15 showed that only the top 10% of commercial and industrial properties will generate 92% of the revenue. What’s more, Prop. 15 won’t even be phased-in until 2022-23 at the earliest and 2025-26 at the latest.