Will increase property taxes cost California 396,345 jobs?According to a recent study by Californians Against Higher PropertyTaxes’ Stephen Frates and MichaelShires at Pepperdine University's DavenportInstitute, the answer is yes.

The study showed that by increasing property taxes on businessesby $6 billion, it would result in $71.8 billion in reduced economicoutput and 396,345 fewer jobs over the first five years of the taxincrease. And those impacts would grow over time, they say.

“With unemployment numbers leading the nation, and smallbusinesses trying to recover, there could not be a worse time toforce California businesses to pay higher property taxes. Highertaxes means businesses charging higher prices for their consumers,laying off their employees or even worse, closing their doorscompletely,” says John Kabateck, executivedirector of the National Federation of IndependentBusiness—California.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.