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Loni Hancock

California state senators to propose overhaul of Prop. 13

California state senators to propose overhaul of Prop. 13

Two Democratic state senators plan to introduce legislation Wednesday to overhaul Proposition 13, the state's landmark restrictions on property taxes, so local governments can raise more revenue from commercial and industrial properties. The measure would allow for regular reassessments of offices, factories and other buildings, ensuring that they are taxed at closer to current market value. Currently they're reassessed only when there's a change in ownership. The change would not apply to residences or agricultural property, and there would be new tax breaks to help small businesses. If approved by the Legislature, the measure would be placed on the ballot in November...

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