SACRAMENTO — California could raise $6 billion a year for its strapped local governments and schools by assessing business property at current market value, a tax group says.
"The assessment of business property is completely irrational, completely indefensible and riddled with holes," said Lenny Goldberg of the California Tax Reform Assn.
The group put together a 132-page study of how they say Proposition 13 should be changed. The report said businesses have received the bulk of savings from the property tax cut.
Fred Main, a spokesman for the California Chamber of Commerce, said bringing business property up to market value would "be a death knell for California's business climate."
