Secretary of State No.
RESIDENTIAL REAL PROPERTY TAX LIMITATION. INITIATIVE CONSTITUTIONAL AMENDMENT. As to residential real property, limits ad valorem taxes to 1% of cash value and prohibits special assessments, except to pay indebtedness previously approved by voters. Permits Legislature to authorize state or counties to impose ad valorem taxes; requires apportionment among local public agencies of revenue so produced. Requires separate assessment of each land parcel, and of land and improvements. If challenged, assessing officials must prove value in administrative and trial de novo court proceedings. Authorizes new or increased taxes to compensate local governments for revenue loss resulting from adoption of measure. Financial Impact: Would result in annual local government revenue losses of approximately $4 billion, beginning in 1978-79. At the state government level, reduced local taxes would be accompanied by a decrease in state tax relief payments of about $500 million per year. Proposed revisions to assessment appeals
Ray Saucedo, 7 La Arcada Court, Santa Barbara, California (805) 962-1841
Failed to Qualify
Residential Real Property Tax Limitation California Initiative 147 (1976).