Higher Calif. Commercial Property Taxes Proposed

FRESNO, Calif. (KMJ) — Democratic California Senators Loni Hancock and Holly Mitchell are introducing legislation, which would overhaul Proposition 13 — California’s landmark restrictions on property taxes.

Presently, offices, factories, and other commercial buildings, are reassessed only when there’s a change in ownership.

Hancock and Mitchell’s measure would allow for more frequent reassessments, so that the properties could be taxed closer to current market value.

If approved by the legislature, it would be placed on next year’s ballot.

Residential properties would be exempt.