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California initiative to raise taxes for commercial properties fails to pass
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Californians have voted "no" on an initiative to increase state property taxes on commercial properties to their highest levels in more than 40 years.
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Proposition 15 would have overturned an older proposition that allowed state property taxes on commercial properties to be based on their purchase price rather than their market value. The older initiative, Proposition 13, also established that property taxes could be raised no more than 2% each year.