Ad Valorem: a tax "according to the value" (Latin) of the property, as opposed to a flat-rate or "parcel" tax.

real property . . . improvements thereon: "real property" is land or real estate, "improvements thereon" are buildings and other developments on that land.

asbestos: a mineral form of magnesium silicate, popular for decades as an incombustible building material (among other uses), which is now known to be a dangerous carcinogen, or cancer-causing agent.

seismic retrofit, seismic upgrades: changes or improvements made to help a structure perform better during an earthquake.

pales in comparison: is comparatively weaker, more feeble, worse.

free-market educational system: an system in which schools compete with each other to attract students, who are charged tuition; as opposed to the current public-school system in California, in which state-run schools are supported by taxes and tuition is otherwise free.