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Schools & Communities First presentation 9.8.2020

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Presentation to Chamber of Commerce

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Schools & Communities First presentation 9.8.2020

  1. 1. Schools and Communities (SCF) First? Proposition 15  SCF is a Statewide Initiative for the November 2020 ballot.  SCF will reclaim $12 billion annually for schools and communities  Assesses commercial and industrial properties at fair market value  Maintains protections for homeowners, apartment buildings and agriculture  Provides protections for small businesses
  2. 2. 47% 37% 40% 38% 35% 34% 30% 31% 29% 29% 53% 63% 61% 62% 65% 66% 70% 69% 71% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Residential Share of Total Assessed Value Commercial
  3. 3. Average California Family Income: $ 61,635 Property Taxes Owed: $ 0.40 per square foot Walt Disney Corporation Annual income $42,278,000,000 Property Taxes Owed: $0.05 per square foot Example of Unfair Tax Payment
  4. 4. Incredible wealth... CALIFORNIA’S CONTRADICTION Extreme poverty. Fifth largest economy Nearly 900,000 Millionaires 26% of all US billionaires live in CA 41st in per pupil spending Spend more on prison than schools
  5. 5. WHY SCHOOLS & COMMUNITIES FIRST? $12B every year for schools and local communities Reclaims >4 DECADES Wealthy investors and big corporations have manipulated ownership to avoid paying their fair share of property taxes. As a result: California’s school funding has been falling behind, and local services have been cut.
  6. 6. WHO IS IMPACTED BY PROP. 15 Commercial/industrial properties worth > $3M (combined per owner) not used for residential purposes Reassessed every 3 years mixed use properties where > 75% is used for residential EXCLUDED Residential property EXCLUDED Agricultural property EXCLUDED $$$$$
  7. 7. 40 % to Public Schools K-12 Schools (89%) Community Colleges (11%) 60% Local Government ● Public Transportation ● Affordable housing/homeless services ● Health Clinics, Trauma centers ● Libraries ● Parks ● Firefighters and First Responders ● Roads and Bridges
  8. 8. 1. PROP 15 passage will make property tax paid by large corporations and residential property owners more equitable. 2. PROP 15 will generate $12 billion in additional revenue from only 6% of large property owners: ○ 40% for preK-12 and community colleges ○ 60% for local government and vital services 3. PROP 15 will make California even more attractive for people and business.
  9. 9. LEVELS THE PLAYING FIELD WHAT WILL SCF DO FOR BUSINESS? 88% of all California commercial and industrial properties have a market value of $3 million or less. 80% of the new revenue comes from the 6% of commercial and industrial properties valued over $5 million.
  10. 10. WHAT’S THE ACCOUNTABILITY? STRICT ACCOUNTABILITY and transparency requirements LOCAL CONTROL over funding decisions: both for schools and communities DEDICATED EDUCATION FUND: the legislature can’t touch it!
  11. 11. QUESTIONS?

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