P A R C E L T A X: Schools Look For Property Owners to Pay More Taxes
As we look back teachers' strike in January, we're left with the question of, "who will be paying for additional school funding?” The Board of Education may have found a resolution as to who will be providing the funding - property owners within the Los Angeles Unified Schools District. There's a June 4th special election that will include a new tax measure that will implement a 16 cent per square foot tax on property that's habitable indoor space. This would apply to commercial buildings, apartment buildings, and single-family homes. Some exemptions may be made for senior citizens whom rely on disability payments. This parcel tax will go before all voters living within the L.A. Unified School District and will need at least two-thirds majority to pass. It would be in effect for twelve years.
Los Angeles Mayor Eric Garcetti has said, “there is no higher priority for me and for this region than improving the quality of public education. We need to do it for our kids. We need to do it for our economy. We need to do it for our future.”
Both LAUSD and Mayor Garcetti have backed this local tax levy known as the parcel tax, as well as, a statewide initiative known as the California Schools and Local Communities Funding Act, which only targets commercial and industrial properties over $2,000,000.
If both pass, an additional $11,500,000,000 would be generated for school funding from property owner taxes. For additional information, contact me at (310) 909-2308