California voters this November will likely see an initiative that would undo part of a landmark law that has capped property tax increases for decades.
The so-called “split-roll” initiative would change how California taxes properties, retaining a limit on tax increases for residential properties but allowing new assessments of commercial sites worth more than $3 million.
California voters enshrined a strict limit on property tax in 1978, when they passed Proposition 13. It allows reassessments only when a property changes hands or undergoes redevelopment. It also restricts annual tax increases.