Compromise reached on Prop. 13 treatment of business property

Decades of political wrangling over how Proposition 13, the iconic property tax limit passed by voters in 1978, is applied to commercial property reached a climax of sorts Tuesday in a Capitol hearing room.

During a hearing of the Assembly Revenue and Taxation Committee, long-warring business groups and tax reformers agreed on modest change of law governing the reassessment of commercial property when it changes hands.

The committee chairman and co-author of the revised bill, Assemblyman Raul Bocanegra, D-Pacoima, announced during the hearing that a vote would be postponed, but later, the committee approved it and sent it to the Assembly Appropriations Committee. TO READ THE FULL ARTICLE: HERE

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