Secretary of State No.
PROPERTY TAX--ASSESSMENT RATIO--INITIATIVE CONSTITUTIONAL AMENDMENT. Provides for a 20% yearly reduction in assessment ratio applicable to full market value of improvements and tangible personal property from 1979 to 1983, unless another percentage is provided for, at which time such property shall become tax exempt. Requires Legislature to annually review adequacy of local property tax revenues and provide by statute for tax rate adjustments to assure that revenues generated are approximately equal to those generated before adoption of this measure. Requires Legislature to adjust existing specified tax exemptions to insure value thereof will not be affected by this measure. Financial impact: None on local government. State savings in excess of $500,000,000 annually when personal property taxes become fully exempt in 1983.
Mr. Terry Agnew, 3098 California Street, #26, San Francisco, California 94115 (415) 567-2018
Failed to Qualify
Property Tax--Assessment Ratio California Initiative 169 (1978).