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Property Tax
Closing Prop. 13 loopholes

We should all be pleased that at least one Proposition 13 loophole — one that allows commercial property owners to avoid paying higher taxes — may soon be closed. ("Two Assembly Democrats announce plan to close Proposition 13 loophole," May 13) But certainly there are others that could be remedied without impacting the essential spirit of Proposition 13. Here is one suggestion: Perhaps commercial property owners who engage in cash-out refinancings — where the total amount of property debt then exceeds assessed value — should have their assessments increased to the level of total indebtedness. I would invite others who witness unfairness in the...

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