The Oakland Tribune reports on a community meeting in the East Bay discussing ways to change Prop 13 limits on property taxes in order to increase funding for schools, public health and all those other things that taxes are spent on.
Hancock's amendment, referenced in the article, would exempt commercial, non-farm, property from the current provisions limiting reassessment. Commercial property would be reassessed every year, although it would still be taxed only at 1%.
Since Prop 13 was passed by the people, the bill is a resolution to propose another amendment to the people and the people would have to vote on it, perhaps on the Nov ballot.
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