Gov. Gavin Newsom on Friday endorsed a ballot measure to increase property taxes for large businesses, arguing it will bring needed revenue to schools and local governments.
The so-called ‘split roll’ measure, Proposition 15, would change a 1978 law that bases California property taxes on purchase value. If voters pass the initiative in November, business owners with more than $3 million in commercial property would be taxed on current value. That would raise property taxes for many businesses.
The ballot initiative would not change property tax assessments for homeowners. It’s projected to raise billions of dollars a year