California property taxes for businesses could get highest raise in 40 years

The tax hikes comes as the state is still reeling from the coronavirus pandemic

By Bradford Betz | Fox News

Californians will vote next month on whether to approve the largest tax increase on commercial and industrial properties in more than 40 years, and the measure has sparked fierce debate on what its effect on small businesses and consumers will be.

The measure, if passed, will overturn Proposition 13, which based state property taxes on the purchase price of the property, rather than its market value. Under that measure, property taxes could be raised no more than 2% each year.

Proposition 15 would upend all that for commercial and industrial properties as owners would be required to pay taxes based on current market values. The state nonpartisan Legislative Analyst’s Office estimates Prop 15 will increase property taxes between $8 to $12.5 billion annually.

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