The Associated Press projects that Prop. 15 will fail with 52% of Californians voting against the measure. The Associated Press article is here. The LA Times article on Prop. 15’s defeat is linkedhere.
If passed, Prop. 15 would have created a “split” property tax roll. Many commercial and industrial properties would have lost “Prop. 13 protection,” and would have been re-assessed and taxed based upon market value. Residential and agricultural properties would not have lost “Prop. 13 protection.”
Commercial properties would have been reassessed as early as the 2022-23 fiscal tax year, as discussed in California’s Controversial “Split Roll” Initiative (Prop. 15): The Basics.