Property owners would pay up to $0.06 per square foot for homes and $0.09 for other buildings. Funds would support a public bank for housing, clean energy and small businesses.
A Yes vote
A No vote
Proposal impacts
Impact on Berkeley homeowners
A homeowner's yearly property tax bill would rise by up to six cents per square foot.
A homeowner's yearly property tax bill today includes a separate library charge based on residential floor space.
Impact on Berkeley commercial owners
A commercial building's tax bill would add up to nine cents for each square foot of building space.
A commercial building's tax bill today includes a city library charge calculated from nonresidential floor area.
Impact on Low income owners
Their property tax bill would omit the new charge after yearly proof of very low income.
Their property tax bill today can be partly refunded under the city's separate income based program after payment.
Impact on Affordable housing builders
Affordable housing builders could seek public bank loans for homes serving households below 120% of typical local income.
Affordable housing builders today can seek project loans from Berkeley's existing housing fund.
Impact on Berkeley small businesses
Berkeley small businesses could seek loans from the proposed public bank if state regulators approve it.
Berkeley small businesses today can seek city loans of about $50,000 to $100,000 when banks turn them down.
