California Proposition 15: Impact of commercial property taxes

SAN DIEGO (KUSI) – Prop 15 on the November ballot would increase property taxes on commercial properties worth more than $3 million providing $6.5 billion to $11.5 billion in new funding to local governments and schools, according to the California Secretary of State ballot guide.

Candidate for County Supervisor, Nora Vargas wants people to vote yes on Prop 15 and said “Loopholes in California’s property tax system allows a fraction of major commercial and industrial properties to avoid regular reassessment and use shady schemes to hide the change in ownership, resulting in millions of dollars going to corporations and wealthy investors rather than to schools and local communities for essential services.”

No on Prop 15 campaign spokesman, Matt Klink, joined Good Morning San Diego to discuss why people should vote no. Klink said it will hurt small businesses and, “if Prop 15 passes that homeowners will be next.”

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