Secretary of State No.
TAXATION. INITIATIVE CONSTITUTIONAL AMENDMENT. Limits property tax rate increases to 3 percent of the prior year's rate commencing with the period July 1, 1971. Provides for refund or credit for overpayment for fiscal year 1971-72. Prohibits personal income tax at rate higher than 10 percent of federal. Repeals paragraph concerning limitation on taxation of property or bonding capacity of the State and its political subdivisions based on a percentage of market value. Repeals paragraph providing for annual levy of school district taxes by counties and cities and counties. If the proposed initiative is adopted undefined additional financing from State sources in the approximate amount of one billion two hundred thirty million dollars ($1,230,000,000) for the first year and eight hundred and fifty million dollars ($850,000,000) per year thereafter will be required.
Mr. Ronald V. Price, 9215 Rose Avenue, Bellflower, California 90706
Failed to Qualify
Taxation California Initiative 74 (1972).