Proposition 15 outlined: Enhance industrial property taxes for education funding | ABC7

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amends the structure to permit industrial properties to be taxed at market mark rather than bewitch mark. There are exceptions for properties zoned as industrial agriculture and corporations valued below $3 million. This revises 1978’s Prop 13, which requires all California properties (residential and industrial) to be taxed at their bewitch mark with an annual amplify of two% or inflation, whichever is lower. Of the fresh tax earnings, 60% would slide to native governments and 40% to varsity districts and community colleges. Residential properties (i.e. houses) are no longer affected.

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