Secretary of State No.
STATE AND LOCAL TAX LIMITATION - INITIATIVE CONSTITUTIONAL AMENDMENT. Limits property tax to 1 1/2% of market value after exemptions except to pay certain indebtedness. Provides $20,000 exemption, adjusted annually for cost of living, for owner-occupied dwellings and another exemption of 20% of full value of any dwelling. Prohibits use of property tax to provide more than 25% of government revenues or to fund operating costs of schools or any costs of social welfare services. Requires two-thirds vote: of Legislature to increase taxes; of electorate to incur debt funded by property tax. Preserves tax exemptions for: food, medicine and certain personal property. Fiscal impact: Revenue losses to local government of $7.2 billion per year starting in 1978-79; revenue increases and expenditure savings totaling $1 billion per year for state, which net increase does not include any allowance for the state's assuming part or all of local revenue losses mentioned above.
Paul Gann, 2515 Los Feliz Way, Carmichael, California 95608 (213) 466-1186
Failed to Qualify
State And Local Tax Limitation California Initiative 149 (1976).