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    Prop 15 fails; California won’t raise commercial property taxes for education

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    By Alix Martichoux

    SAN FRANCISCO — Proposition 15, a ballot measure that seeks to increase commercial property taxes to fund education in California, failed Tuesday night, the Associated Press reports. See the latest election results in California and the Bay Area here.

    Prop 15 would have amended the California constitution to allow commercial and industrial properties to be taxed at their market value rather than their purchase price.

    What does this mean in practice? The proposition would have revised part of 1978’s Prop 13, which requires all California properties (residential and commercial) to be taxed at their purchase price with an annual increase of 2% or inflation, whichever is lower. That means companies like Chevron and Disneyland are sitting on very valuable land, since their market value has gone up significantly since the year they purchased those parcels, but their tax rate hasn’t gone up at the same rate.

    Read the rest of the story on ABC7


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    4 COMMENTS

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    Joe
    Joe
    1 year ago

    What happened to the lottery money? Wasn’t Gavin supposedly investigating the missing money? I personally don’t want to pay for a bunch of gangsters education.

    C. Collier
    C. Collier
    1 year ago
    Reply to  Joe

    Well, the money never would have gone to the schools anyway. (It’s not like they don’t already have way too much money that’s already been flushed down the toilet). The money would have gone to slush funds, illegal aliens and the creation of several more $500,000+ per year jobs for Newsolini’s friend and family.

    Michael A.
    Michael A.
    1 year ago

    It’s for the children. Dummies that they are. You could throw all the money in the world at California kids and they would come out as stupid. Everything run by California is an expensive joke. This is why when Californians move to other states it’s probably best to keep that a secret. The world thinks Californians are dumb as hell.

    C. Collier
    C. Collier
    1 year ago

    At least CA voters had the good sense to send this proposition to a well deserved death. The proponents had already admitted that, if they were able to get this through, residential property taxes were next. Prop 13 came about because people were being taxed out of their homes.

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