Proposition 15, officially known as the "Tax on Commercial and Industrial Properties for Education and Local Government Funding Initiative" but also known as the Schools and Communities First, is a state ballot measure that will be on the ballot in November 2020.
Prop. 15 increases funding for K-12 public schools, community colleges, and local governments by requiring that commercial and industrial real property be taxed based on current market value, instead of purchase price. It is estimated that Prop. 15 will generate between $6.5 billion to $11.5 billion in new funding to local governments and schools. A report from the University of Southern California estimates that Alameda County would receive at least $590 million. Any additional educational funding from Prop. 15 will supplement existing school funding guarantees.
Prop. 15 exempts from taxation changes: residential properties; agricultural land; and owners of commercial and industrial properties with combined value of $3 million or less. Small businesses would be exempt from personal property tax and a $500,000 is provided for other businesses.
The OUSD Board of Education has endorsed this ballot measure.