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

California Prop 15 amends 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 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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