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November 3, 2020 Ballot <br /> <br />Page 3 of 3 <br />SUMMARY OF LEGISLATIVE ANALYST’S ESTIMATE OF NET STATE AND <br />LOCAL GOVERNMENT FISCAL IMPACT <br />• Increased property taxes on commercial properties worth more than $3 million providing <br />$6.5 billion to $11.5 billion in new funding to local governments and schools. <br /> <br />BALLOT LABEL <br />Fiscal Impact: Increased property taxes on commercial properties worth more than $3 million <br />providing $6.5 billion to $11.5 billion in new funding to local governments and schools. <br /> <br />151