SACRAMENTO – Board of Equalization Member Ted Gaines today recognized the 41-year anniversary of Proposition 13, which California voters overwhelmingly passed to reduce property tax rates on homes, businesses and farms and cap the rate of future increases.
“California has some of the highest personal income taxes in the country and the highest corporate tax in the West,” said Board Member Gaines. “And now Proposition 13 is under threat with a measure on the 2020 ballot that would dismantle it by removing taxpayer protections for nonresidential property. We must do everything we can to preserve and maintain Proposition 13, one of the very few protections taxpayers have left.”
Prior to the passage of Proposition 13 on June 6, 1978, California property taxes were out of control. People were losing their homes because they could not pay their property taxes, yet government did nothing to help. The anniversary highlights the problems homeowners, small businesses and renters faced with crushingly high property taxes, and commemorates the positive impacts since Proposition 13’s passage. It also highlights the need to protect it from reforms that would have catastrophic consequences.
“Proposition 13 has made California stronger. Over the past 41 years, it has helped the average homeowner and small business save tens of thousands of dollars annually in property tax payments, money that was put back into the economy to create jobs and foster economic development,” said Board Member Gaines. “I will continue fighting to protect Proposition 13 for the millions of California families and businesses that are getting nickeled and dimed to death.”