Let's take a look at Proposition 15, which would revamp property taxes for commercial and industrial properties worth more than $3 million. The state says that could generate up to $12 billion a year, for things like schools and local government projects.
Prop 15 would amend the well-known Prop 13 from 1978 which shaped property taxes as we know them. Right now, property owners pay property tax based on their initial purchase price, with rates incrementally increased over the years. If Prop 15 passes, commercial and industrial property owners would pay property tax based on market value.
Supporters say Prop 15 closes loopholes meant to benefit wealthy corporations while protecting homeowners, renters, and small businesses.
Opponents say it will hurt the state's appeal pushing some companies to leave and discouraging others from moving here.
