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VERIFY: No, Prop 15 won't repeal Prop 13 for homeowners in California

According to California's Secretary of State, the initiative would undo the property tax caps of Proposition 13, but only for commercial and industrial properties.

SAN DIEGO — With the election season underway, there's a lot of misinformation out there regarding some of the propositions on this year's ballot.

News 8 has received several emails questioning whether or not Proposition 15, also known as the Schools and Communities First Initiative, would eliminate property tax protections for homeowners.

Rumors regarding Proposition 15 have been spreading on social media for months.

Backers of Proposition 15 say it looks to increase corporate property taxes to raise money for roads and schools. But, some claim if its approved, it would eliminate protections for homeowners put into place by Proposition 13, and increase their property taxes as well.

Here's what we found out about Proposition 15.

Posts about this topic have been circulating on social media for months. In short, it claims a yes vote for Proposition 15 would raise property taxes for homeowners by repealing Proposition 13.

That's the 1978 constitutional amendment that limits tax increases on residential and commercial properties.

The post also accuses California's Attorney General, Xavier Becerra, of tricking voters by the way Proposition 15 is worded.

Is this true? Will Proposition 15 repeal Proposition 13?

To answer this question, News 8 spoke with Christopher Rice-Wilson of Alliance San Diego. The organization is a supporter of Proposition 15.

He said claims that a yes vote will eliminate Proposition 13 protections are false. 

"In the measure, it spells out that protections for homeowners will remain in place," he said. 

So, we can verify if you're a homeowner, your property taxes are safe regardless of how you vote on Proposition 15.

But, what exactly does Proposition 15 do?

According to California's Secretary of State, the initiative would undo the property tax caps of Proposition 13, but only for commercial and industrial properties. 

That means they'd pay more in property taxes based on the market rate assessment, not the original assessment when the property was purchased. In turn, billions would be raised for schools and roads.

Rice-Wilson said, "There is a $500,000 exemption for business property taxes and there's also a $3 million cap meaning property valued at less than $3 million will not be reassessed to market value."

Those are the facts. 

However, keep in mind, Proposition 15 is still controversial.

Opponents argue raising business and corporate property taxes will impose higher costs, ultimately hurting consumers and the economy.

Some say it could even hurt small business owners who would possibly have to pay higher rents if they operate out of industrial buildings.

Supporters maintain Proposition 15 closes a corporate loophole some have been taking advantage of for years.