Money slips into corporation pockets

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Brookfield Office Properties is about to expand its ownership in Los Angeles County. The giant commercial property owners, one of the largest in the county, is on the verge of purchasing four new commercial buildings in downtown LA--Wells Fargo, KPMG, Gas Company and 777 Towers.

But community members have a problem with the amount of property taxes the company is going to pay. Brookfield will save about $10 million a year on property taxes on this purchase due to a 30-year-old loophole in the state's law.

And property taxes make about a third of the city of Los Angeles’s revenue, which in turn, leads to less money for schools, retirees, the state and much more.