Tag: hike

California Prop. 15 explained: Voters to decide ‘split roll’ property tax hike on big business

As Election Day on Nov. 3 approaches, California voters will be asked to decide on Proposition 15, which would increase funding for public schools, community colleges and local governments by changing how commercial and industrial properties are taxed.

Back in 1978, Proposition 13 was the taxpayers’ revolt against high property taxes and doing anything to change it was considered touching the third rail of politics. Proposition 15 would change it.

Proposition 15 increases property taxes on most commercial real estate worth more than $3 million. It does not touch private property tax.

Private property taxes and smaller businesses would continue

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