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By Jon Coupal
Of the many propositions that voters must decide this November, one of the most contentious is Proposition 15, also known as the split roll initiative. One of the arguments advanced by the proponents is that it won’t have any impact on homeowners because it just raises property taxes on commercial and industrial properties. Can the proponents be believed? Not likely.
On its face, Proposition 15 appears to exempt property that is used for “residential” purposes. But homeowners have good reason to feel threatened.
Without question, the most immediate impact that homeowners would see if Proposition 15 passes would be an increase in the cost of living. California has the second highest cost of living in the nation behind only Hawaii. It is one of the primary drivers of why millions of Californians have fled the state for other areas where the purchasing power of their dollars — for housing, food and transportation – goes much further.
The Tax Foundation published an interesting study a few weeks ago about the purchasing power of $100 being dependent on where one lives. For example, states where $100 is worth the most, such as Kentucky ($113.77) offer a striking contrast to California where $100 is worth only $87.11.
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