RENTAL HOUSING COALITION LAUNCHES EFFORT TO EDUCATE CALIFORNIANS ABOUT THE DEVASTATING IMPACTS OF HIGHER TAXES ON RENTAL PROPERTY
SACRAMENTO, CA – A consortium of California rental housing providers announced today that they have formed a coalition to undertake efforts to educate Californians on the damaging effects of higher taxes on rental property.
Rental Housing Against Higher Taxes is a coalition of rental property owners, managers, and residents throughout California who oppose higher taxes on rental property, particularly a split roll property tax.
A split roll tax would allow counties to reassess rental and commercial property annually based on its current market value. These properties would no longer have the protection of California's Proposition 13 (passed by the voters in 1978), which limits property tax increases based on the initial assessed value. By reassessing residential rental property on an annual basis, a split roll system would cost California rental housing providers billions of dollars a year in new taxes. Furthermore, it will also significantly increase rental costs for the approximately 35% of Californians that live in rental housing today.
The Coalition's website, www.stoprentalhousingtaxes.com will serve as an information and action center, allowing Californians to learn about the issue and join the Coalition's efforts. The website also features a "Split Roll Tax Calculator, which estimates the devastating costs of a split roll tax on rental housing property at newly assessed values.
For more information, please visit: www.stoprentalhousingtaxes.com.