Increases Funding for Public Schools, Community Colleges, and Local Government Services by Changing Tax Assessment of Commercial and Industrial Property. Initiative Constitutional Amendment.
This measure will rework the property tax rates set in 1978 for both residential and commercial property by Proposition 13. Commercial and industrial property would now be taxed based on fair market value. Rather than setting tax rates based on the age of the company, Proposition 15 will tax businesses based on size and income. Those with values of less than $3 million plus all residential properties (apartments), and agricultural operations will retain Proposition 13 valuations and rates. In addition, small businesses at set income levels will be exempt from personal property tax. The new revenues, estimated to bring $6.5-11.5 billion annually, will fund K-12, community colleges, and local governments with emphasis on improving older, more deteriorated school systems in low-income areas.
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