ABC7: 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 more
Shuffling deck chairs on the Titanic.
Yeah. It’ll be soon overturned just like a few years ago when California overwhelmingly decided marriage was between a man and a woman and some fag judge reversed the vote.
More evidence the great blue wave of socialism isn’t welcome even in democrat strongholds. When people understand THEY will be paying they reject. Same morons though will approve any increase when OTHERS are paying.
This won’t last the libs in Cali are always ‘the laws are for thee and not for me’. It will either be overturned by the courts or Grupenfuhrer Newsom will issue an executive order.
Funny how the linked ABC news article used Disneyland and Chevron as examples of property owners who would have been affected instead of the tens of thousands of Mom and Pop businesses who would have been screwed, not to mention how this would have driven the aerospace industry to other states. Thank God at least this one time California voters did the right thing.
Don’t worry, they’ll find another way to steal taxes so as to continue funding the indoctrinators, although there will be very little ‘education’ that will result from it.
Nephew Newsom and his Auntie Nanzi own businesses in Cali. There was never really a push to get this passed, hardly any ad coverage.
Education, hospitals, roads are buzz words for slush funds ro waste on their favorite pet projects.
CA Lottery took in $1.8 BILLION dollars for education so far in 2020. School wasn’t in session all year, so what do they need more money for? Businesses are leaving California – can’t squeeze blood out of a turnip.
Why would they need to raise taxes when they’re not even using the school buildings?
Shouldn’t there be some kind of cut in taxes?