What is this proposition about?
Right now, owners pay property taxes based on the price they originally paid for that real estate — typically a lot less than what it’s worth today. If this measure passes, property taxes for many large businesses would be elevated to the property’s current, probably higher, market value. That would net $6.5 to $11.5 billion — 60% for cities, counties and special districts, and 40% for schools and community colleges.
Prop 15 is a fair and balanced reform that:
- Closes property tax loopholes benefiting wealthy corporations.
- Cuts small business taxes.
- Reclaims billions every year to invest in our schools and local communities.
- Exempts homeowners, renters, small businesses and agricultural land so they continue to be protected by Prop 13.
- Prioritizes transparency and accountability by requiring public disclosure of all new revenues and how they are spent.
How does it align with yli’s values?
While the wealthiest corporations avoid paying their fair share, our schools have the most crowded classrooms in the nation and our local communities are struggling to respond to the impact of COVID.
Prop 15 will reclaim billions every year for our schools, community colleges, and essential local services in EVERY county to invest in smaller class sizes, health care, and many other services that would benefit our youth and their families.
What is yli doing about it?
Who else supports this proposition?
Prop 15 was put on the ballot by a record-breaking 1.7 million people who believe that wealthy corporations need to pay their fair share, including:
- Nurses and doctors on the frontlines protecting our public health.
- Teachers and parents who know our children need smaller class sizes.
- Small business owners who need tax relief.
- Homeowners and renters tired of paying more while corporations pay less.
- Mayors and county supervisors managing budgets that have been devastated by COVID.
For a full list, visit the Schools & Communities First website.