The Potential Impacts of Prop 15 on Industrial and Commercial Properties in Silicon Valley
Date/Time
Date(s) - 10/14/2020
11:00 am - 12:00 pm
Categories No Categories
Proposition 15 would amend the California State Constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value. In California, the proposal to assess taxes on commercial and industrial properties at market value, while continuing to assess taxes on residential properties based on the purchase price, is known as split roll. The change from the purchase price to market value would be phased-in beginning in fiscal year 2022-2023. Properties, such as retail centers, whose occupants are 50 percent or more small businesses would be taxed based on market value beginning in fiscal year 2025-2026 (or at a later date that the legislature decides on). Proposition 15 would define small businesses as those that that are independently owned and operated, own California property, and have 50 or fewer employees.
Join IFMA Silicon Valley for a virtual panel discussion on the potential impacts of Prop 15 on businesses in Silicon Valley. County Assessor Larry Stone will provide an in depth perspective of the potential effects of Prop 15 on our local economy, while Edesa Bitbadal will provide a geographical, statewide view from her colleagues in Sacramento.
What are the top 3 key points/takeaways from the presentation:
- What is Prop 15?
- How will Prop 15 impact businesses in Silicon Valley?
- What are some of the positive and negative effects of Prop 15 throughout the state?
SPEAKERS:
Edsea Bitbadal- Founding Principal of Elevate Now Consulting, LLC
She has over 20 years of economic development experience working for cities of San Jose, Milpitas, Redwood City, San Carlos and also San Jose Redevelopment Agency. She served the City of San Jose as a Planning Commissioner and as the Chair for eight years while making decisions on billions of dollars in investment in the City of San Jose.
Edesa has an extensive knowledge on government, ability to reach and educate decision makers; skills to craft and communicate the right message to ensure the client’s interests are achieved with measurable results.
She is currently a registered lobbyist in the Bay Area through Elevate Now Consulting, LLC. As a Chief Strategist and lobbyist for NAIOP, SV she represents hundreds of commercial property owners and developers’ interest within Silicon Valley.
Edesa has a Masters Degree in Public Administration from San Jose State University with a minor in urban planning. She was named one of the 100 Influential Women of Silicon Valley in 2018.
Larry Stone- County Assessor
San Jose Magazine named him one of Silicon Valley’s 100 most powerful leaders. Pulitzer Prize winning author and Washington Post reporter, Haynes Johnson, described Larry Stone in his best selling book, Sleepwalking Through History, as ”bright, articulate; an American rarity, a proven political success in a time of political failure.“ Longtime San Jose Mercury columnist Scott Herhold said Stone is one of the top 25 most powerful leaders in San Jose, and the third most powerful elected official.
He was first elected Assessor in 1994 and overwhelmingly re-elected five times by the residents of Santa Clara County, which stretches north to Palo Alto, south to Gilroy, and includes San Jose, the “Capital of Silicon Valley.” The county boasts a population of 1.9 million – greater than that of 13 states.
Stone has been a financial manager on Wall Street and co-founded a successful Bay Area real estate investment and development firm. He served 16 years as a council member and mayor of Sunnyvale, a period during which the city earned an international reputation for effectiveness and became a model for President Clinton and Vice President Gore’s efforts to reform the federal bureaucracy. President Clinton said,” The National Performance Review was modeled in part upon the remarkable reinvention efforts pioneered by the City of Sunnyvale, where Larry Stone served as mayor. “
As County Assessor, Stone has overseen remarkable improvements to streamline the operations of his office, eliminate backlogs, and achieve higher levels of public service, all while consistently operating substantially under budget. The State Board of Equalization acknowledged his office as one of the best-managed assessors’ operations in California.
Tino Rossi- Meridian
Tino Rossi serves as the Statewide Coalition Director for the NO on Prop 15 campaign—the organized coalition opposed to the $11.5 billion property tax hike on the November ballot. Mr. Rossi works at Meridian Pacific, Inc. a nationwide firm specializing in strategic political consulting and public affairs campaigns. At Meridian, Tino runs point for the firm on coalition building and stakeholder engagement for statewide ballot initiatives and regional public affairs projects.
Tino began his career working in the Capitol for current Senate Minority Leader Shannon Grove before moving to the Bay Area where he worked for large technology organizations as a leadership development consultant. Tino returned to Sacramento and took a position as the Director of Communications and Government Affairs for the Rice Growers Association of California. There he was responsible for ensuring international trades were compliant with existing trade agreements, tracking new legislation and regulations domestically and internationally, and all externals communications for the Association.
A native of Bakersfield, California, Tino enjoys using his downtime to golf, spend time at the lake, or cheer on his favorite sports teams.
He lives in Sacramento with his fiancè, Lauren.
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