10 year old Angel Martinez helps fight for revenue for schools

On May 10, Angel Martinez of Los Angeles ACCE and Vernell Crittendon of Richmond ACCE testified before the Revenue and Taxation committee in favor of supporting the passage of AB2492. Both Angel and Vernell testified on the impact of the state budget crisis on our communities, and asked the committee to support the passage of AB2492. The elected officials heard their testimony and voted it out of the committee on a 6-3, party line vote.

AB 2492, as amended, will close the most obvious and egregious loopholes, in those cases where changes of ownership are at 100% but reassessment is avoided anyway by enacting the provision listed below. Prior to the amendment, AB 2492 made major changes in the definition of change of ownership for all property, in an effort to finally simplify and clean up problems with the current commercial property tax law.  Although the scope of the bill has now been narrowed it will still make some important changes:

AB 2492, as amended, does the following:

• When 100% of a property changes ownership it must be reassessed, no matter how many purchasers take ownership of the property, and
• Requires the Board Of Equalization to prescribe regulations to direct county assessors to carry out the purposes of the bill.

If passed, AB 2492 will help ensure that more commercial properties are reassessed upon change of ownership,and thereby help the state to close its multi-billion budget gap!

A fact sheet on AB242 can be found by clicking on {fact sheet}

The bill is currently before the Appropriations Committee.  ACCE is urging you to contact the members of the Committee, and ask them to vote this bill out of committee for a floor vote.

The contact info for the Appropriations Committee members can be found by clicking here