2020 Election, News

Proposition 15 passes, property to be taxed on based upon market value

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%.

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