How does the Bradley bill work?
Assessor: In the legislation, Assemblyman Bradley proposes to create a Commercial Assessment Ratio that measures the value of commercial properties only, instead of weighing all properties together, as is done by the legislation for the residential properties, known as the Residential Assessment Ratio. WPCNR: How does this affect the Commercial Property owners? Assessor: To allay commercial property owners concerns of increased property taxes, the property taxes should, according to the Real Property Tax Law, be established based on the face value of the (commercial) property. The difference this component will make in the current situation is that the value of commercial properties will now be accurate and equitable. It will create equity in property taxes. Commercial properties will pay what theyre paying now. It will result in a redistribution of taxes down the road. It will eliminate a lot of the certs. WPCNR: Please explain how market value is determined on commercial properties,
