Action News Now is taking a look at proposition 15, the commercial property tax measure.
On november 3rd, california voters will be asked to decide 12 different state-wide propositions.
Today we are taking a look at proposition 15, the commercial property tax measure.
Action news now anchor alan marsden is here now to explain what it means.
Debbie, in a nut- shell, prop 15 would permit taxing -- those commercial properties -- valued at more than three million dollars -- based on curren* market value.
That's a huge change since prop 13 was passed all the way back in 1978.
That 42 year old measure removes caps on property taxes that for all these years had been set at 1- percent of the origina* sale price.
And then that tax can only be increased by no more than 2- percent per year.
That meant that value can skyrocket - but the commercial property tax does not.
Again, prop 15 would remove those caps, but does*no* affect home-owners, nor owners of agricultural property*no* commercial properties valued under three million dollars.
But, opponents worry that if prop 15 passes, home-owners could be targeted next time around.
Analysts say the increase in commercial property taxes, if prop 15 passes, could bring in up to $11.5 billion dollars each year in additional revenue.
60-percent of that would go to to local governments.
40-percent to education.
So, a yes vote on prop 15 approves the tax increase on commercial properties.
A no vote keeps things as they have been since 1978.
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