SAN DIEGO (KGTV) -- Supporters of a measure that limits property tax across the state have gathered more than 200,000 signed petitions in an attempt to educate others about the initiative.
Currently, Proposition 13 limits how much homeowners and businesses in California can be taxed for property tax. It’s capped at 2 percent each year, which means there’s a control on any increases. It’s giving homeowners and business owners stability when it comes to their budgets.
Jason Paguio, president and CEO of the Asian Business Association of San Diego, said voters “need to understand what their costs are every single day. A slight increase if it’s unpredictable is going to affect who they employ or the prices that get passed down to the consumer.”
On Monday, some San Diego leaders and some local business owners came to show their support for leaving Prop. 13 the way that it is right now. The supporters said that if changes are made to the measure, it will have a trickle-down effect, ultimately hurting the local economy.
San Diego City Councilman Chris Cate, who represents District, said, “The last thing we want to do is to increase the cost of living by increasing taxes on small business owners or high-tech industries that provide jobs for our residents in San Diego.”