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California initiative to raise property tax on businesses gains support from L.A. mayor

Los Angeles Mayor Eric Garcetti on Wednesday announced he’s backing a campaign to raise taxes on business properties in California, joining powerful unions in supporting a proposal that would raise money for schools and local governments.

The proposed ballot measure would change the state’s 1978 law known as Proposition 13, which limited property taxes by basing them on value at purchase, as opposed to current assessed value. READ MORE

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