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CA Proposition 15 could bring millions to Oakland Schools, new burdens to businesses, tax assessors

Voters will decide next month whether to approve a ballot measure which could provide a windfall for schools and local governments, but a far greater burden on businesses and tax assessors.  The existing property tax law is governed by a 1978 ballot measure, Proposition 13, which significantly limited state property taxes. But the new measure, California Proposition 15, would modify this law to create a “split-roll,” where commercial businesses worth more than $3 million would be taxed based on their…