Secretary of State No.
PROPERTY TAXATION - INITIATIVE CONSTITUTIONAL AMENDMENT. Limits real property tax to 2% of fair market value unless school tax eliminated, then 1%. Bases tax rate on proportionate percentage of appraised property value. Increases standard homeowners property tax exemption for persons 62 and over from $7,000 to $30,000. Requires rent reductions commensurate to tax reductions. Prohibits increased taxes because of reconstruction or minor improvements to residences. Provides for challenge of appraised value. Prohibits state levy of any ad valorem property tax. Requires 2/3 vote of electorate for any new local property taxes in excess of limits set forth. Financial impact: None.
Steve D. Wilson, Ph. D. President, Santa Cruz County Taxpayers Association, P.O. Box 415, Soquel, California 95073
Failed to Qualify
Property Taxation California Initiative 136 (1976).