Secretary of State No.
REAL PROPERTY TRANSFER TAX. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends Constitution to provide for 5% tax upon transfer of any real property within California to be assessed against either the price paid by purchaser or fair market value of property, whichever is higher, but not less than four times the property's assessed value for 1974-75 tax year. Obtaining a leasehold interest for ten years or longer including options to renew shall be deemed a transfer of title. Revenues from tax shall be deposited in "Local Government Distribution Fund" and disbursed to local governments according to formula set forth in measure.
California Foundation For Economic Justice, 76 Third Street #725, San Francisco, California 94103 Telephone: (415) 362-9210; Mr. Patrick H. O'Shaughnessy, 76 Third Street, No. 725, San Francisco, Ca 94103; Ms. Bunny Roth, 317 Tenth Street, San Francisco, Ca
Failed to Qualify
Real Property Transfer Tax California Initiative 101 (1974).