Proposition 15 outlined: Elevate business property taxes for training funding | ABC7

Proposition 15 outlined: Elevate business property taxes for training funding | ABC7

California Prop 15 amends the structure to permit business properties to be taxed at market mark in remark of resolve mark. There are exceptions for properties zoned as business agriculture and companies valued below $3 million. This proposition revises 1978’s Prop 13, which requires all California properties (residential and business) to be taxed at their resolve mark with an annual amplify of two% or inflation, whichever is decrease. Of the fresh tax income, 60% would plod to native governments and 40% to highschool districts and neighborhood colleges. Residential properties (i.e. homes) need to not affected.

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