Attorney General No.
15-0043
Secretary of State No.
1704
Description
Imposes additional surcharge on real property with an assessed value of over $3 million. Surcharge based on a sliding scale ranging from three-tenths of one percent for real property assessed at $3 million to eight-tenths of one percent for real property assessed at $10 million or more. Allocates revenue to numerous programs for the purpose of reducing poverty, including: prenatal services, expanded childcare, early childhood education, after-school and summer programs, job training grants, tax credits, and monetary aid. Surcharge expires in 20 years. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased state revenues annually through 2036-37—estimated between $6 billion and $7 billion in 2017-18—from a new surcharge on high-value properties, with the revenues dedicated to various programs intended to reduce poverty.
Proponents
Jim Mangia, Martine Singer, Conway Collis, and Dixon Slingerland c/o Stephen Kaufman and George Yin (213) 452-6576
Date
9-17-2015
Document Type
Article
Qualified
Failed to Qualify
Recommended Citation
PROPERTY TAX SURCHARGE TO FUND POVERTY REDUCTION PROGRAMS. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. California Initiative 1704 (2015).
https://repository.uclawsf.edu/ca_ballot_inits/1974