Garcetti presses for proposed property tax measure in State of City

Measure EE would have disproportionate impact on multifamily landlords, critics say

Los Angeles /
Apr.April 18, 2019 10:00 AM
Mayor Eric Garcetti (Credit: Getty Images)

Mayor Eric Garcetti continued his push for a controversial property tax measure that could impose additional financial burdens on landlords of large buildings.

In his annual State of City speech Wednesday, the mayor largely focused on ways to improve education in the city, the Los Angeles Times reported.

One of those ways, he says, is through the passage of proposed tax Measure EE, which will most affect large property owners.

On the June 4 ballot, the proposal is estimated to bring in about $500 million per year for the school district. But the tax is based on the square footage of enclosed space, meaning owners of large multifamily complexes or mansions would be taxed more heavily than others.

Opponents argue that the tax should be structured as a flat tax on every parcel — that way the burden would be spread out more evenly. It need two-thirds of the vote to pass, and could result in an additional $160 per year in assessed taxes on a 1,000-square-foot house, according to the Times.

Revenue from the proposed tax, which would expire in 12 years, would be dedicated to shrinking the budget deficit.

Separately, Garcetti — who was reelected in 2017 — mentioned that the first housing project funded through Proposition HHH is expected to open later this year. That statewide measure passed in 2016 as a way to address the homeless crisis, though the city has yet to complete one project with the funds collected. [LAT]Natalie Hoberman


Related Articles

arrow_forward_ios
Holos Communities' Cristian Ahumada, Jamboree Housing's Laura Archuleta
Long Beach loans developers $6.1M for affordable apartments
Long Beach loans developers $6.1M for affordable apartments
Wiseman Residential's Isaac Cohanzad and a rendering of 1600 East Venice Blvd (Facebook, Robert James Taylor Architects)
Wiseman Residential begins building 77 apartments in Venice
Wiseman Residential begins building 77 apartments in Venice
Weingart's Kevin Murray with rendering of 1405 South Broadway (Weingart Center, Getty)
Weingart seeks to build 335 affordable units in DTLA
Weingart seeks to build 335 affordable units in DTLA
Los Angeles Mayor Karen Bass, Homeless
LA Mayor Karen Bass launches outreach to house the homeless
LA Mayor Karen Bass launches outreach to house the homeless
Los Angeles County Supervisor Janice Hahn
LA County pledges support for city’s homelessness emergency
LA County pledges support for city’s homelessness emergency
A photo illustration of Los Angeles County Supervisor Hilda Solis and 1200 State Street in Los Angeles (Getty, Los Angeles Conservancy)
LA County seeks developer to turn hospital into housing
LA County seeks developer to turn hospital into housing
Karen Bass, homelessness, shelters, affordable housing, fast tracking
LA mayor fast-tracks homeless shelters and 100% affordable housing
LA mayor fast-tracks homeless shelters and 100% affordable housing
Renaissance Realty Group's Jamial Clark (Getty, Renaissance Realty Group, LA City Planning)
South LA apartment project near Metro line gets green light
South LA apartment project near Metro line gets green light
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...