Voters supported a measure in support of the California State Constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value, 53.03% to 46.97%.
Proposition 15 will now required businesses to be taxed based on their market value.
In 1978, Californians approved Proposition 13, which required that residential, commercial and industrial properties are taxed based on their purchase price.
The tax is limited to no more than 1% of the purchase price at the time of purchase, with an annual adjustment equal to the rate of inflation or 2%.
This news is not fit to print. Prop 15 did not pass. 52.0% voted No.
Always check your sources before you send it.
https://electionresults.sos.ca.gov/returns/maps/ballot-measures/prop/15
Every year or almost every year the tax and spend enthusiasts such as local gov., teachers, unions and etc. have tried every way imaginable to get around Prop. 13 and with voters that never read the details and only see the ads on TV have passed this finally. The taxpayers will be the ones who pay and probably some small businesses will have to close. A sad day for most of us in California.