Attorney General No.
Secretary of State No.
Changes existing law to require that commercial property be assessed at fair market value at least once every three years. Excludes residential and agricultural property. Doubles homeowners’ tax exemption from $7,000 to $14,000 on residential property. Creates small business tax exemption for first $1,000,000 in personal property. Permits county governments to offset reassessment costs; transfers ninety percent of remaining revenues to state’s General Fund to support all General Fund programs, including education, public safety, and health care. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Additional net state General Fund revenues of about $3 billion annually and additional local government revenues of about $400 million annually when the measure is fully implemented in 2014-15. Increased state funding for K-12 schools and community colleges of about $2 billion annually when the measure is fully implemented.
Roberta B. Johansen and Karen Getman
Failed to Qualify
REQUIRES ASSESSMENT OF MOST COMMERCIAL PROPERTY AT LEAST ONCE EVERY THREE YEARS AND INCREASES HOMEOWNERS' TAX EXEMPTION. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. California Initiative 1424 (2010).