Friday, October 23, 2020

Choosing Democracy: Key Facts About Proposition 15

Choosing Democracy: Key Facts About Proposition 15
Key Facts About Proposition 15

Key Facts About Proposition 15, California’s Commercial Property Taxes, and Revenue for Schools and Local Communities 

Local tax revenue reflects a community’s shared effort to support vital public services that all Californians need to thrive in our cities and counties. This ranges from education for students in K-12 schools and community colleges to access to housing, health care, public parks, and libraries. These vital public services are supported by tax revenues from commercial and industrial properties – many of which are still taxed based on purchase prices that are more than four decades old. California voters will be asked in fall 2020 to vote on a measure known as Proposition 15, 

an amendment to the state Constitution that would change how commercial and industrial properties are taxed and provide more revenue for schools and local communities to support services Californians rely upon. This report outlines key facts about how Prop. 15 would change taxes for commercial and industrial properties and increase revenue for local communities. 

REPORT

Proposition 15: Schools & Local Communities Lose Revenue Due to California’s Inequitable Taxing of Commercial Properties

Understanding Inequitable Taxes on Commercial Properties and Prop. 15

Local tax revenue reflects a community’s shared effort to support vital public services that all Californians need to live in our cities and counties, such as education for students in K-12 schools and community colleges, housing, health care, public parks, and libraries. When tax breaks provide advantages to some taxpayers over others, it not only creates inequities but can also lead to revenue losses that compromise the ability of schools and local communities to provide essential services for Californians. This is the case with commercial and industrial property taxes across California, and why voters will be asked in fall 2020 to vote on Proposition 15, an amendment to the state Constitution that would change how commercial and industrial properties are taxed to provide more revenue for schools and communities. 

Under Prop. 15, commercial and industrial properties would be taxed based on their market value rather than their purchase price. By moving from a property tax system based on purchase value to one based on market value, Prop. 15 would raise an estimated $6.5 billion to $11.5 billion annually in property tax revenues for K-12 schools and community colleges, counties, cities, and special districts, according to the Legislative Analyst’s Office.

Guide to Understanding Proposition 15

https://calbudgetcenter.org/wp-content/uploads/2020/09/CA_Budget_Center_Key-Facts-Prop-15.pdf

https://calbudgetcenter.org/resources/understanding-proposition-15-inequitable-taxes/

 

Prop 15.  Overturning Austerity 101 

 

https://www.labornotes.org/2020/08/overturning-austerity-101-californias-prop-15-will-tax-rich