The first major challenge to Prop. 13’s limit on property taxes would have provided an estimated $2.5 billion to $4.5 billion annually for K-12 schools and community colleges.
The first effort in 42 years to change Prop. 13 would provide $2.6 billion to $4.6 billion for K-12 schools and community colleges.
The Chan Zuckerberg Initiative, funded by Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, is one of the biggest donors to Yes on Prop. 15.
Big corporate property owners would pay the bulk of new taxes; opponents claim costs would be borne by small business renters.
The failure of Measure EE underscores how hard it is to capture a two-thirds majority needed for approval of a parcel tax and the challenges ahead to pass a 'split-roll' initiative to raise businesses' property taxes.
“Split-roll” proposal would raise billions for schools and local governments by increasing property taxes on businesses.