Measure G does not pay property tax.
With Measure G, San Diego City, County, and SD Unified School District lose out on up to $500 million compared to Measure E.
Here are the facts:
State-owned entities do not pay property taxes, even when leased out for private use
“[G]overnment entities do not have to pay property tax and thus their rent charges do not include an increment to recover such taxes. At the same time, the private possessor still receives the services and benefits (fire and police protection, schools and local government) that other similar taxable properties enjoy.”
SDSU’s “Blueprint” for Mission Valley has private developers avoiding property tax
SDSU is well aware of the tax savings and recently described a development with significant tax breaks as a “blueprint” for Mission Valley.
“But the Capstone development is different. Under this new approach to building housing, the developer leases the land, builds the structure and manages the building for 50 years…Capstone gets a pass on paying property taxes, which was an important financial consideration for the developer.”
k-12 Schools Lose Out as a result
Schools receive the largest share (46%) of the property taxes generated in San Diego County.
Possessory Interest tax is much less than Property tax
Possessory Interests are “normally less, and often significantly less, than fee simple assessments of similar privately-owned property”