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Defeat of Prop. 15 to raise commercial property taxes denies schools more revenue

Voters have rejected a large tax increase on commercial properties, depriving schools of what could have been a significant source of revenue. Backers of Proposition 15, the first major effort to revise the iconic tax limitation initiative, Proposition 13, since its passage in 1978, conceded defeat on Tuesday. Although 1.5 million votes, about 10% of […]