To the editor: I read with alarm about the proposed changes to Proposition 13 that would result in commercial properties being taxed based on the current market value. The impact would be devastating not only to tenants and small business owners, but also to consumers. (“A major change to Proposition 13 takes its first step toward the 2018 ballot,” Dec. 15)
In most retail properties, the taxes are paid by tenants, who are charged a prorated share of insurance, maintenance and property tax through “NNN” fees. Internet sales are already negatively impacting retail, and most rents are at all-time highs. Many tenants are struggling.
If this initiative makes it to the ballot and voters approve it, many businesses will have to close. This trickles down to you and me, the consumer. We all need to consider the impact of changing Proposition 13.
Michael B. Rubin, Westlake Village
The writer works in commercial real estate investment and management.