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Business Nov 04, 2020
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Large commercial properties would face higher property taxes under Proposition 15. SACRAMENTO — The fate of Proposition 15, an effort to remove high-value business properties from the low-tax protections enacted by California voters more than four decades ago, was unclear in early election returns Tuesday, the culmination of an expensive and fierce campaign over how much to spend on government services and the economic effects of raising taxes.
The ballot measure was supported by a razor-thin majority with more than 8 million ballots counted, a lead that was far from certain with millions of votes left to count. The ballot measure seeks to curtail the rules governing property taxes that were established by Proposition 13 in 1978, which set the annual levy at 1% of a property’s value and allows only small adjustments to the assessed value until there is a change in ownership.
Those strict limits apply to all property owned in California — both homes and businesses. Proposition 15 would create a separate set of tax rules for commercial and industrial property holdings worth $3 million or more . County tax assessors would be required to revise the value of those business properties to reflect current market […]
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