Attorney General No.
Secretary of State No.
Raises homeowner’s property tax exemption from $7,000 to 25 percent of the full value of the dwelling up to $100,000 starting with fiscal year 2009-10. Raises the renter’s tax credit from $120 to $360 for married couples, registered domestic partners, heads of households, surviving spouses and surviving registered domestic partners, and from $60 to $180 for other qualified renters for the 2009 tax year. Each year thereafter, adjusts for inflation the maximum homeowner’s exemption and the renter’s tax credit. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increase in state costs of approximately $2 billion annually to compensate local governments for reduced property tax collections. Net increase in state personal income tax revenues of approximately $50 million annually from increases in the renters’ credit and decreases in property tax deductions. (Initiative 07-0080.) (Full Text)
Lori S. Fisher
Failed to Qualify
HOMEOWNER'S REAL PROPERTY TAX EXEMPTION AND RENTER'S TAX CREDIT. CONSTITUTIONAL AMENDMENT AND STATUTE. California Initiative 1313 (2008).