Proposition 15 on the California state ballot would require taxation of commercial and industrial properties, except commercial agriculture, at their market value. Property taxes on residential properties would continue to be calculated on the purchase price, also known as the split roll valuation.
“Upon full implementation,” according to the California Legislative Analyst’s Office, “the measure’s shift of most commercial and industrial properties to market value assessment would increase annual property taxes paid for these properties by $8 billion to $12.5 billion in most years.”
Under Proposition 15, property tax revenue would vary from year to year. That variable would depend on the strength