Proposition 15: Yes to Funding for Communities and Schools

We support Proposition 15 on this November’s ballot because it would right an egregious wrong when voters passed Proposition 13 in 1978. That measure was sold on the premise it would limit property-tax increases for older homeowners. But the ballot measure did not distinguish between commercial and residential property, which allowed commercial property investors to surf the cresting wave of tax-revolt in California to a big score. Commercial property owners saw tax assessments rolled-back to 1975 levels and annual increases capped at 2%. It was a gift that’s been giving for four decades. Proposition 15 would force owners of commercial property to pay their fair share while shielding residential property owners from big increases.

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