California voters rejected a proposal to partially dismantle the state’s 42-year-old cap on property taxes, a move that would have have raised taxes for many businesses in a pandemic-hobbled economy.

Following Tuesday’s update to the vote count, Proposition 15 had only about 48% support and was trailing by more than a half-million votes.

Read More: https://www.smdp.com/california-voters-reject-revamp-to-property-tax-system/198644