California Prop 15 amends the constitution to permit industrial properties to be taxed at market price in resolution to win impress. There are exceptions for properties zoned as industrial agriculture and corporations valued below $3 million. This proposition revises 1978’s Prop 13, which requires all California properties (residential and industrial) to be taxed at their win impress with an annual develop of 2% or inflation, whichever is lower. Of the novel tax income, 60% would proceed to local governments and 40% to college districts and community colleges. Residential properties (i.e. properties) are no longer affected.
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