Restores over $11 billion a year for services that all Californians rely on like schools and community colleges. $4.5 billion will support K-12 education and community colleges. The remainder will be shared by counties, cities and special districts to support community services, including health clinics, trauma care and emergency rooms, parks, libraries and public safety.
Mandates full transparency and accountability for all revenue restored to California from closing the commercial property tax loophole.
Places California on par with how the vast majority of states treat commercial property by assessing them at fair market value. This initiative only affects under-valued commercial properties, creating a level playing field for those businesses that already pay their fair share. And California’s commercial property taxes will still be among the lowest in the country because of Proposition 13’s cap on tax rates, which the California Schools and Local Communities Funding Act does not change.