YES ON PROP 15

CLOSING CORPORATE PROPERTY TAX LOOPHOLES

THE PROBLEM

When homeowners buy a new house, the property is reassessed and the property tax increases.

But wealthy corporations and investors in nonresidential commercial and industrial property have ways of avoiding reassessment and keeping their taxes low.

Corporations change ownership all the time, but their property doesn’t get reassessed. They employ armies of lawyers and accountants to exploit loopholes to avoid reassessment.

These corporate loopholes deprive our schools and local communities of billions of dollars in badly needed revenues every year, and we pay the price.

PROTECTING HOMEOWNERS AND RENTERS

THE PROBLEM

Since Prop 13 passed in 1978, the residential share of property taxes has skyrocketed from 55% to 72%.

When corporate loopholes take billions of dollars from schools and local communities, homeowners and renters get nickel and dimed with higher fees, fines and other taxes to help cover the difference. Since 1978, these other charges and taxes have increased from 28% to 51% of locally generated revenues.

SUPPORTING SMALL BUSINESSES

THE PROBLEM

Even in the best of times small businesses struggle to compete against wealthy corporations like Amazon that pay little or nothing in taxes while making billions in profits. But these are not the best of times. The COVID-19 pandemic has compounded the struggle of small businesses to survive and pushed far too many over the edge.

RECLAIMING BILLIONS FOR OUR SCHOOLS AND COMMUNITY COLLEGES

THE PROBLEM

California is home to great wealth, but despite all our wealth we are failing to invest in our children and our future. Our schools rank 39th in per pupil spending and have the nation’s largest class sizes. The COVID-19 pandemic has placed new demands on our schools and our teachers.

Investment in our community colleges will play a critical role in rebuilding after the massive economic dislocations caused by the pandemic. Millions of Californians are unemployed, with the impact felt most heavily on low-wage workers and communities of color. Now is the time to invest in our community colleges.

INVESTING BILLIONS DIRECTLY IN OUR LOCAL COMMUNITIES

THE PROBLEM

The property tax is the largest source of local revenues in our communities. When wealthy corporations avoid paying their fair share of local property taxes, they are robbing local communities of billions of dollars to invest in essential services. This directly hurts the quality of life for the people in those communities. It also impairs the ability of cities and counties to effectively respond to pandemics, to homelessness and housing affordability. Further, it undermines essential services provided by special districts, including fire protection, our water supplies, and sewage treatment.

REQUIRING FULL TRANSPARENCY AND ACCOUNTABILITY

THE PROBLEM

We’ve seen it before. Voters approve a ballot measure promising new funding, but after it passes no one can explain where the money went.

PROTECTING AGRICULTURE AND GIVING FARMERS A TAX CUT

THE PROBLEM

California agriculture is increasingly dominated by big corporations while the concerns of small family farmers are overlooked.