Secretary of State No.
PROPERTY TAX LIMITATIONS AND EXEMPTIONS - INITIATIVE CONSTITUTIONAL AMENDMENT. As to real property, limits ad valorem taxes to maximum of 1% and prohibits special assessments, except to pay previously incurred debts approved by voters. Legislature may authorize state or counties to impose such taxes; revenue so produced must be apportioned according to statute among local public agencies. Defines and limits exemptions. Each land parcel, and land and improvements to be assessed separately. If challenged, government must prove value in administrative and court proceedings. Legislature may authorize local public agencies to levy other taxes to compensate for revenues lost by this measure. Fiscal impact: In the first year after adoption local governments would lose about $6.8 billion in property tax revenues
Howard A. Jarvis, 515 North Crescent Heights Boulevard, Los Angeles, California 90048
Failed to Qualify
Property Tax Limitations And Exemptions California Initiative 146 (1976).