[10] To take advantage of this loophole, businesses only have to make sure that no change in ownership exceeds 50% in order to avoid a property tax reassessment.

[15] Democrat Don Perata, former California senate leader, said this loophole is left open by his party to create justification for ending Proposition 13.

[20] Notable endorsements include:[20][21][22] The measure was also supported by a broad coalition of over 900 education, health and public service employees, and advocacy groups.

[25] Supporters cited a report that Proposition 15 will not impact small businesses, including those who rent and are in triple net leases.

Senator from California and Vice President–elect Kamala Harris, also a supporter, stated: "A corporate tax loophole has allowed billions to be drained from our public schools and local communities.

[28] Governor Gavin Newsom announced his endorsement of Proposition 15, calling the proposal "a fair, phased-in and long-overdue reform to state tax policy."

[32] Socialists supporting Proposition 15 stated: "Prop 15 is a progressive tax, drawing its revenue from those best able to pay on behalf of the common good.

"[33] Environmentalists also argues that the tax reform would constrain urban sprawl, which increases greenhouse gas emissions and exacerbates climate change by inducing vehicle travel demand.

"[35] The measure was opposed by over 190 current and former federal, state, and local elected officials, and the California Republican Party.

Notable opponents include:[20][36][22][37] This measure is also opposed by a coalition of over 350 business groups, taxpayer and civic organizations, land developers, and agricultural interests.

Notable opposing organizations include:[20][36][22] The No on Proposition 15 campaign raised over $73.1 million mostly from land developers, agricultural interests and golf and country clubs.

Retailers, already struggling due to the pandemic, may be unable to meet the increased tax bill, putting their survivability at greater risk.

[39][40][41][42] Opponents and analysts say Proposition 15 will have the greatest adverse impact on minority- and family-owned businesses,[41] hitting local and regional players the hardest.

[44] Opponents said that while the measure targets the large commercial beneficiaries of Proposition 13, it will ultimately burden property renters, consumers, and business owners alike.

Newer Silicon Valley corporations like Facebook derive smaller benefits from Proposition 13 than traditional California businesses do.

[51][52] Opponents of the split roll property tax system said voters deliberately sought to extend Proposition 13 protections to all commercial property by rejecting a split roll promoted by Jerry Brown in 1978, and that the transfer loophole was created by the legislature and was not a component of the original Proposition 13 voters approved in the same election that year.

[34] Another oppositional argument came from the fact that Proposition 15 would have a varying effect on different regions of the state because of the decreased business equipment taxes.

It is possible that the rural areas would actually lose money, which would decrease the amount of funding going to public schools, amongst other local needs, deepening inequities state-wide.

[55] Spending decisions on Proposition 15 tax proceeds will be made by local elected officials as part of the annual budget process.

[56] Revenue projections for each district were calculated based on 2019–2020 enrollments and have been identified by School Services of California (as published by EdSource).