Unions and big real estate companies are locked in an expensive fight over proposed changes to California property tax rules, each dropping tens of millions of dollars on ads to persuade voters in the final stretch before Election Day.
If it passes Nov. 3, Proposition 15 would overhaul the state’s property tax system by taxing commercial property owned by large businesses based on current market value instead of purchase price. The change would result in a big tax increase for many businesses and billions more in revenue for schools and local governments.
Independent polls have found voters are closely divided on the issue with just days to go before voting ends.
Proposition 15 supporters have raised more than $62 million this year, mostly from unions and the Chan Zuckerberg Initiative, the philanthropic organization of Facebook founder Mark Zuckerberg and his wife, pediatrician Priscilla Chan.
Opponents have reported raising roughly $69