Attorney General No.
Secretary of State No.
HOMEOWNER'S REAL PROPERTY TAX EXEMPTION AND RENTER'S TAX CREDIT. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Beginning January 2005, increases homeowner's real property tax exemption from $7,000 to $32,000 of the full value of the homeowner's residence. Beginning January 2005, provides $250 "supplemental renter's tax credit" for married couples, heads of households, surviving spouses; and $125 for all other qualified renters. Provides for annual adjustments to homeowner's exemption based on increases to state Consumer Price Index; and comparable increase in renter's tax credit if homeowner's exemption is increased. Authorizes Legislature to enact additional increases to homeowner's exemption and renter's credit. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increased state costs for the expansion of the homeowners' exemption and renters' credit of about $2.1 billion annually; increased state income tax revenues of about $80 million annually due to reduced property tax deductions.
Jon Coupal, Bill Simon, clo Howard Jarvis Taxpayers Association, 921 11 th Street, Suite 1201, Sacramento, Ca 95814, (916) 444-9950
Failed to Qualify
HOMEOWNER'S REAL PROPERTY TAX EXEMPTION AND RENTER'S TAX CREDIT. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. California Initiative 966 (2002).