California Lawmakers to Consider Vacancy Tax on Commercial Property

California Lawmakers to Consider Vacancy Tax on Commercial Property

A California state senator is proposing a tax on vacant commercial properties, saying empty buildings and storefronts reduce business vitality, lower tax revenue, and create public nuisances. Democratic state Sen. Caroline Menjivar of San Fernando Valley authored Senate Bill 789, which will be heard by the Revenue and Taxation committee on April 23. The bill does not specify the amount of the tax. Menjivar sees the measure as a way to spur econ…

Montgomery County Executive Marc Elrich decided to veto a bill that would grant tax exemptions to developers who would convert empty commercial properties into homes. This legislation was intended to exempt certain developers from real estate tax for 20 years. Elrich stressed his commitment to thoroughly examine the lasting effects of such proposals. “I will veto this and ask the council to take the time to consider the unforeseen consequences a…