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Stock impact report

Proposition 13 has strictly limited property tax increases since 1978. Voters could get a chance to change that [Los Angeles Times (CA)]

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Proposition 13 has strictly limited property tax increases since 1978. Voters could get a chance to change that For four decades, the most potent brand in California politics has been Proposition 13, the 1978 ballot measure that limited property tax increases and prompted a nationwide revolt against taxation. Now, the legacy of Proposition 13 stands on the verge of one of its stiffest tests. On Monday, an initiative qualified for the November 2020 ballot that could lead to a $145-million campaign and dismantle Proposition 13’s protections for businesses. The initiative would end the state’s restrictions on taxing commercial and industrial properties and increase tax receipts for cities, counties and school districts by an estimated $6 billion to $10 billion a year. Veronica Carrizales, policy and campaign development director for initiative proponent California Calls, cast the measure as part of a generational struggle to support public services she said have been starved of resources Show less Read more
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