Attorney General No.
Secretary of State No.
Funds K-12 schools, community colleges, and state universities by increasing commercial nonagricultural property taxes by 0.55 percent. Restricts funds' use to class-size reduction, instructional materials, teacher and non-management staff compensation, and training; prohibits use for administrative costs. Requires annual audits. Doubles homeowners' tax exemption from $7,000 to $14,000 for residential property. Creates small business tax exemption for first $1,000,000 in personal property. Reimburses local governments for tax revenue decrease. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased net state revenues of about $4 billion annually, due to higher taxes on nonresidential real property. These revenues would be spent by K-12 school districts, community colleges, and CSU.
Roberta B. Johansen and Karen Getman
Failed to Qualify
PROVIDES ADDITIONAL SCHOOL FUNDING BY INCREASING COMMERCIAL PROPERTY TAXES. INCREASES HOMEOWNERS' TAX EXEMPTION. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE California Initiative 1430 (2010).