LAT’s michael hiltzik on prop 13 today, “…that 31-year-old wolf in sheep’s clothing…”

It’s time to close a big tax loophole for businesses

Of all the ways in which California residents have slit their fiscal throats over the last 30 years, surely the most inexplicable is the bestowal of a gaping tax loophole on commercial and industrial property owners.

The culprit, no surprise, is that 31-year-old wolf in sheep’s clothing, Proposition 13, which prohibits the reassessment of any property except at the time of a change in ownership.

Read Full Article Here

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