Voter booklets are out. Ballots are out. It's time to get serious about the propositions on November's ballot. There are three that potentially impact real estate and your property values.

The first one is Proposition 15. It has a title that is very misleading. It makes you think that it is all about funding our schools. The revenue created, if Prop 15 were to pass, would largely go to the schools but at the cost of commercial property owners across the state.

It would change how commercial property tax is calculated. It would no longer re-value commercial property at the time of a sale, bu...