Attorney General No.
Secretary of State No.
Increases tax limit on commercial property to 3% of assessed value, and 3% on value of residential property exceeding $2,000,000. Values subject to limited future county reassessment. Increases homeowners' exemption to $70,000; larger exemptions to certain homeowners. Increases cap on personal property taxes to 3%. Increases insurance company tax rates. Authorizes majority vote of Legislature to change corporate or personal property tax; requires total state corporate tax burden to equal total personal tax burden. No more than 25% of state government appropriations may come from residential property taxes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increased annual local property tax revenues, ranging from the low billions of dollars to in excess of $20 billion. Unknown net impact on state finances from major changes in both revenues and expenditures. Impact would depend on future legislative actions.
Failed to Qualify
Residential and Commercial Property Tax Rates. Homeowners’ Exemption. Initiative Constitutional Amendment. California Initiative 1123 (2005).