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Business Nov 02, 2020
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Proposition 15 would loosen tax limits on commercial and industrial properties and spend the resulting revenues on local governments and schools. Proposition 15 would loosen tax limits on commercial and industrial properties and spend the resulting revenues on local governments and schools.
Here is a quick rundown of the proposition: The details Since 1978, all property taxes in California have been levied under the system adopted by voters with Proposition 13. The value of a property is based on its most recent purchase price, even if it last changed hands decades earlier and similar properties nearby sold more recently and are subject to higher taxes.
Proposition 13 limits the tax rate to 1% of the assessed value amount and that estimate can increase by no more than 2% a year. The new ballot measure would keep all existing rules in place for residential properties. But many commercial and industrial properties would be reassessed, with updated values that better reflect current real estate market conditions — resulting in more taxes paid by their owners.
Exemptions would be made for most business properties worth less than $3 million and land used for agriculture. Large corporations, likely to see substantially higher property […]
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