CALED Releases Economic Development Analysis of California Proposition 15 and Proposition 19 – September 2020
Proposition 15 proposes a change to Proposition 13 of 1978, to require periodic property tax reassessments on commercial and industrial properties of more than $3 million in value. Single-family and rental properties are exempt. The measure also exempts small businesses, as defined, from property taxation on personal property, and provide a $500,000 exemption to all other business for their equipment and fixtures. The proceeds of the additional property tax revenues derived from this measure, estimated by the Legislative Analyst’s Office to range between $6.5 to $11.5 billion annually, will be allocated, in proportion to existing property tax allocations, to schools, cities, counties and special districts.