The measure, if passed, will overturn Proposition 13, which based state property taxes on the purchase price of the property, rather than its market value. Under that measure, property taxes could be raised no more than 2% each year. The state nonpartisan Legislative Analyst’s Office estimates Prop 15 will increase property taxes between $8 to $12.5 billion annually. "The pro side typically says, 'this is to close loopholes and make the really large property owners in the state pay their fair share.' CLICK HERE TO GET THE FOX NEWS APPSmaller businesses would have a longer transition to the higher taxes, while small businesses operated out of home would be exempt from the new law.

Source: Fox News October 08, 2020 00:33 UTC