The 2020 ballot initiative would amend the state constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value. Under the new initiative, residential properties are excluded from this potential policy and would continue to be taxed under the original requirements of Proposition 13, when property ownership changes or when new construction is done. Property tax rates would not change, and there would be a qualified exception for some small businesses, according to official documents. First set in 1978, Proposition 13 places a cap on tax rates for residential, commercial...