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Proposition 15 ballot measure to raise property taxes on commercial and industrial properties

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This November California voters will be voting on Proposition 15. The ballot initiative that will raise property taxes on commercial and industrial properties in California.

The official name for the ballot measure is “Increases Funding for Public Schools, Community Colleges, and Local Government Services by Changing Tax Assessment of Commercial and Industrial Property. Initiative Constitutional Amendment”

This will not affect personal property taxes, but opponents fear this is just the first step in rolling back Proposition 13 propositions which was approved by voters in 1978.

Ballot summary

The ballot summary is as follows:[3]

“
  • Increases funding for K-12 public schools, community colleges, and local governments by requiring that commercial and industrial real property be taxed based on current market value, instead of purchase price.
  • Exempts from taxation changes: residential properties; agricultural land; and owners of commercial and industrial properties with combined value of $3 million or less.
  • Any additional educational funding will supplement existing school funding guarantees.
  • Exempts small businesses from personal property tax; for other businesses, provides $500,000 exemption.[4]
 ”

You can read the full text of the initiative as well as read supporting and opposing arguments on the BallotPedia website

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