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California Assembly passes Prop. 13 commercial property fix

Published by Lance on

fix-itThe state Assembly passed a bill that would narrow the definition of an ownership change for property reassessments under Proposition 13.
Assembly Bill 2372 represents a compromise between pro-business interest groups and Democrats who wanted to close a perceived loophole in the law.  The bill by Assemblyman Tom Ammiano, a San Francisco Democrat, would trigger a reassessment when at least 90 percent of property ownership changes in a three-year period.
You can find the full text of the amended Assembly bill at this link. It is worth a read and we have linked to various editorial commentary at the bottom of this newsletter on the opinions of the effect of this change if it becomes law.


Lance is Executive Vice President of Haws Consulting Group. Lance has spent 28 years working in the property tax space and is also a licensed California Realtor. Lance loves working with clients on real estate matters.