CC 07-21-20 #20 Proposition 15-2. Title and Summary_Written CommunicationProposition 15 July 3, 2020
Initiative 19-0008 (Arndt. #I) INCREASES FUNDING SOURCES FOR PUBLIC SCHOOLS, COMMUNITY COLLEGES, AND LOCAL GOVERNMENT SERVICES BY CHANGING TAX ASSESSMENT OF COMMERCIAL AND INDUSTRIAL PROPERTY. INITIATIVE CONSTITUTIONAL AMENDMENT. •Increases funding sources for K-12 public schools, community colleges, and local
governments by requiring commercial and industrial real property be taxed based on
current market value, instead of purchase price.
•. Exempts from taxation changes: residential properties; agricultural land; and owners of
commercial and industrial properties with combined value of $3 million or less.
•Any additional education funding will supplement ex isti11g school funding guarantees.
•Exempts small businesses from personal property tax; for other businesses, provides
$500,000 exemption.Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal·· Impact: •Increased 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.
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