While most people are attuned to the Presidential, Senate and House races next week, there are many critical state and local issues on the ballot on Nov. 3.
In a blog post Toby Burke, the senior director of State and Local Affairs for NAIOP, points to two ballot initiatives that will significantly impact commercial real estate by restructuring property tax revenues within their respective states.
In California, residents will vote on Prop 15. If it is adopted, it will increase the property taxes on commercial and industrial properties by an estimated $11.5 billion, according to Burke.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
