California Rejects Changing Tax-Cap Law Viewed Sacrosanct (1)

California voters rejected a measure that would have made the most significant change to the state’s signature tax-limitation law, a setback to proponents hoping to raise more money for local governments and schools.

Proposition 15 was failing 52% to 48%, according to the Associated Press with 90% of the precincts reporting. It would have allowed property taxes on most commercial buildings worth more than $3 million to increase by pegging the levy to market value, rather than its purchase price. It could have generated as much as $11.5 billion annually for local governments, schools and community colleges, according to the ...