property taxes

A ballot measure to partially dismantle California’s longtime system of tying property taxes to the last sales price trailed Wednesday but the outcome remained uncertain

Proposition 15 would raise property taxes on certain commercial and industrial properties by requiring them to be taxed based on market value rather than their purchase price, creating an estimated $6.5 to $11.5 billion for schools and local governments, according to the state’s Legislative Analyst’s Office.

The coronavirus has delayed income taxes, mortgage payments and evictions in California. But not property taxes. Friday was the deadline to pay those taxes without incurring a hefty penalty and Gov. Gavin Newsom let the date pass without taking any action. Business groups had urged Newsom to use his executive authority to delay the deadline or at least waive all…