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- Tax on Commercial and Industrial Properties for Education and Local Government Funding Initiative
- Taxes such properties based on current market value, instead of purchase price
- What does a Yes vote mean?
- Property taxes on most commercial properties worth more than $3 million would go up in order to provide new funding to local governments and schools.
- What does a No mean?
- Property taxes on commercial properties would stay the same. Local governments and schools would not get new funding.
- Fiscal Impact:
- Increased property taxes on commercial properties worth more than $3 million providing $6.5 billion to $11.5 billion in new funding to local governments and schools.