The tax climate forecast for Los Angeles County has turned gloomy. There is an $8 billion annual tax storm that is coming in 18 months. It will rain on every property owner in the county.
But the tax monies will mainly flow to a few politically connected groups and unions. To comply with new state law, the Los Angeles County Department of Public Works is proposing an annual parcel tax of $8 to $83 per single-family home.
Big box retailers will get a tax bill for $15,000 per year, in addition to their existing property taxes. And commercial properties in downtown Los Angeles on impervious clay soils will get socked with a $200,000 added tax per year for storm water capture projects.
Source: California Watchdog. Read full article. (link)