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The Trump Organization, owned by Donald Trump, is another notable property owner who has avoided millions of dollars in California property taxes as a result of the loophole. [13] In 2018, the California Board of Equalization estimated that closing this loophole would raise up to $269 million annually in new tax revenue. [14] [15]
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Proposition 13 (officially named the People's Initiative to Limit Property Taxation) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes and limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the ...
Palmer, a strong opponent of mandatory affordable housing requirements for real estate development, appears in the Paradise Papers in connection with a Bermuda offshore company to hold the registration for his private jet, which is done for security and maintenance reasons, yet he still pays the required California assesses property taxes on ...
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The bills turn the spotlight on a phenomenon that is woven into the Golden State's history, said California state Sen. Steven Bradford, a Democrat from Gardena who authored three of the pending bills.
Still, the property owners hope legislators will overlook the facts and scuttle the bill, folding under the headwinds of a nationwide, coordinated, MAGA-led attack on the humanity and dignity of ...
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