A ballot drive to reform Prop. 13's cap on annual property tax increases is still two years away, but the Oakland City Council might jump on board the effort as early as next month.
Four council members are asking the city to endorse a statewide ballot measure in 2016 that would end restrictions on property tax increases for commercial property. Residential property owners would still be covered by the landmark 1978 initiative.
The revision could generate an additional $5 billion in tax proceeds, according to the Legislative Analyst's office.
"We have an incredible opportunity to improve the economic vitality of our communities, our cities and our entire state," Councilmember Rebecca Kaplan said. "This kind of tax fairness can help cities like ours improve public safety and create new jobs."
Joining Kaplan in support of the measure are Councilmembers Dan Kalb, Lynette Gibson McElhaney and Libby Schaaf.