Apartment Owners: Don’t Worry About Prop 13!
Castle is happy to report that apartments, duplexes and rental properties are exempt from the Proposition 13 reforms that will appear on the November ballot. In an effort to make up California’s budget shortfall, the proposed ballot measure would revalue commercial properties and increase taxes on them. Castle and the California Apartment Association (CAA) maintained that revaluing rental properties would have a catastrophic effect on small landlords, forcing them to increase rents.
Castle Vice President and CAA Regional Director Joseph A. Lawton, Jr. said: “Thanks to lobbying by the CAA and its members, any changes to our property taxes will not include apartments and rental properties. Even with the good news, the CAA will continue to oppose any changes in Proposition 13.”
Category: CA Renting Practices Tags: California Apartment Association, Castle Management, Prop 13, Property Tax