Gubernatorial Debate Scheduled for October 23

Gubernatorial Election

Governor Gavin Newsom and state Senator Brian Dahle are scheduled to meet Sunday, October 23, for the first and only debate in this year’s gubernatorial election.

The debate will be moderated by Scott Shafer and Marisa Lagos of the San Francisco public broadcasting television and radio station KQED, and will be held at the KQED office. The station said the moderators “will question the candidates in conversational format without strict time limits on answers.”

The debate will air live at 1 p.m. on KQED Public Radio 88.5, with a live video stream for digital audiences. A recorded television broadcast will air at 6 p.m. on KQED 9. Both the radio and television broadcasts will be made available to any station interested in simulcasting the debate.

Proposition 13 Protects Counties From Revenue Losses During Market Declines, Ratings Firm Notes. Thanks to Proposition 13, counties can expect stable property tax revenue even during declines in the housing market and lower occupancy in office buildings, Fitch Ratings reported September 29.

While a down market can slow the growth in California property taxes, the acquisition-value system established by Proposition 13 protects local governments from the revenue losses that hit them in states where property tax is based on current market values. Even in years when the residential and commercial real estate markets are down, California counties typically experience growth in property tax revenue thanks to the annual inflation adjustment to base-year values and additional taxes triggered by change-in-ownership reassessments and new construction.

“Slower home price growth or price declines will drag on taxable assessed values (TAVs) in California in the next several years,” Fitch Ratings wrote. “Pressures on commercial properties, such as lower occupancy at offices and urban retail spaces due to hybrid work, could also affect TAVs to a lesser extent. Fitch Ratings believes the overall effect on property taxes will be limited in California. However, counties with greater exposure to commercial properties or homes purchased at, or near, peak market value could see reduced property tax growth. California tax assessment calculations serve to smooth volatility in home values so that changes in tax revenues are not equal to price swings. Per California’s Proposition 13, annual TAV growth is limited to the lower of CPI and 2 percent increases, except sales of new construction or a change in home ownership.”