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property tax works to benefit huge businesses because a huge business -- the media industry -- is backing him so that he wont reform property tax.
For those of you who don't know, property tax is calculated on last sale price. Because homes sell more frequently, most homeowners pay at a valuation rate that was adjusted within the last 3-5 years (I'd guess). However, big businesses now never sell their properties. If they transfer control, it's through a lease arrangement, or a new corporate formation. Thereforem, some large businesses still pay at the rate of valuation that is 20 years old.
Camejo and Bustamante said that they'd eliminate the loophole so that the middle class isn't bearing most of the burden of paying property tax.
This, I'm sure, is the biggest reason CA's biggest industry--media-- is so spooked by them that they're campaigning 24-7 for Arnold.
So, if you know homeowners and small businessmen, ask them if they think it's fair that they pay more in property tax on the 2 bedroom house they purchased in Marin Cty three years ago for 600,000 bucks than 20th C Fox might pay on their corporate headquarters if it was valued last in 1984 at 450,000 bucks (just a hypothetical, don't know what the real numbers are).
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