SACRAMENTO (CBS13) — A ballot measure that would close a loophole in property taxes for commercial businesses has qualified for the 2020 ballot.
The measure would amend the California Constitution by taking on what’s frequently called a third-rail of state politics, Proposition 13. The 1978 measure limits how much property taxes can increase for certain residences and businesses.READ MORE: El Dorado County Braces For Flooding After Caldor Fire
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Home property taxes won’t be the focus of this one. Instead, the bull’s-eye is on commercial and industrial property.
The amendment’s proponents point to a USC study stating commercial and industrial property owners avoid $11 billion in local property taxes that could go to schools and local services including parks and libraries.MORE NEWS: Kings Home Opener Brings Life To Downtown, Stresses Business