Assessor to Speak on Tax Initiative
A statewide initiative on next June’s ballot that would increase taxes on commercial properties will be discussed Monday by Los Angeles County Assessor John Lynch at the monthly meeting of the Santa Monica Area Chamber of Commerce.
The luncheon will be at 11:30 a.m. in the Starlight Room of the Miramar Sheraton hotel, 101 Wilshire Blvd. Cost is $15.
The “Fair Share Property Tax Act of 1990” is advocated by Voters’ Revolt, the same organization that sponsored Proposition 103, the auto insurance initiative approved by voters this year.
The initiative would raise the tax rate for commercial properties from a maximum of 1% of property values to 2.2%, and allow for the assessed value of the property to increase each year based on the inflation rate to a maximum of 5% a year.
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