Proposition 15 increases funding sources for K-12 public schools, community colleges, and local governments by requiring commercial and industrial real estate property to be taxed based on current market value instead of current price.
If approved, the measure would exempt from taxation changes: All residential properties, agricultural land and owners of industrial property with a combined value of $3 million or less. It would tax commercial and industrial land and buildings based on how much they could be sold for.
Any additional education funding would be used to supplement existing school funding guarantees.
Among those in in favor of Proposition 15 are Tony Thurmond, California Superintendent of Public Instruction; the United Teachers Los Angeles, and Jacqueline Martinez, CEO of Latino Community Foundation. They attest that Proposition 15 will close corporate loopholes, provide protections for homeowners and renters, and will invest in essential workers and local services.
Those opposing Proposition 15 include Robert Guitierrez, president of the California Taxpayers Association, and Alice Huffman, president of the California State Conference of the NAACP.
The opposition says passage of Proposition 15 will increase the cost of living, destroy jobs and small businesses, and lacks accountability.