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Nov. 3, 2020 is a day that may live in infamy, at least for California commercial property owners and their tenants.

On that day, voters will decide whether to pass the California Schools and Local Community Funding Act and thereby end Proposition or “Prop 13” protection for most of the state’s commercial real estate.

This voter initiative, if passed, will amend the state constitution by removing most commercial properties in the state from the acquisition value-based assessment system and placing them onto a separate tax roll, where assessment is based on current fair market value. In other words, if it passes, the act will require that all commercial real estate in California — with limited exceptions — be assessed at current fair market value.

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