California Proposition 15, Tax on Commercial and Industrial Properties for Education and Local Government Funding Initiative (2020)

The ballot summary was as follows:[3] “ Increases funding for K-12 public schools, community colleges, and local governments by requiring that 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 educational funding will supplement existing school funding guarantees. Exempts small businesses from personal property tax; for other businesses, provides $500,000…