Prop 15 has been one of the most talked-about ballot measures in California, especially for commercial real estate professionals. If passed, the measure would increase property taxes for commercial and industrial assets, which are currently protected under Prop 13. While the proposition has been making headlines, there are a few important details that no one is talking about.

"The least talked about nuance about Proposition 15 is that a lot of critical details are yet to be determined.  In that regard, Proposition 15 requires the creation of a "Task Force" that will fill a lot of the holes in Proposition 15.  For example, this Task Force will determine the phase-in schedule of the tax increase and when those tax increases are actually due," Fernando Landa, a partner at law firm Crosbie Gliner Schiffman Southard & Swanson.

In addition, there are missing details in the law, like how often properties will be reassessed or how mixed-use properties, which include both retail and residential, will be assessed. "We also do not know how frequently properties will be reassessed to market value," Landa says. "Because residential property is exempt from Proposition 15, how mixed-use properties will be taxed is also still to be determined.  If Proposition 15 passes, property owners will have to monitor the decisions of the Task Force and legislative action to assess the impact on their properties."