The defeat of Proposition 15, which would have mandated that commercial and industrial property values be assessed not based on purchase price but rather on an assessment of their market value every three years, was a blow to advocates who hoped to see the projected $6.5 to $11.5 billion it would have generated in revenue go toward schools and school funding.
The intent was, in part, to reform California’s controversial tax law, Prop 13, which supporters of Prop 15 argue have given big corporations major property tax breaks. Following the statewide “no” vote, and with the coronavirus pandemic still going on, K-12 schools and community colleges across the country are wondering how it all will impact their bottom line in the years to come.
Today on AirTalk, we’ll take a look at the short and long term implications of Prop 15’s defeat. You can join the live conversation by calling us at 866-893-5722.
For more on this topic from KPCC and LAist reporter David Wagner, click here.
Jon Coupal, president of the Howard Jarvis Taxpayers Association, a taxpayer rights group