Attorney General No.


Secretary of State No.



PROPERTY TAXATION. CHANGE IN BASE YEAR. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends State Constitution to re-define "full cash value" as county assessor's valuation of real property in tax year 1984-85, rather than 1974-75, for property and ad valorem taxes. Authorizes county assessors to make adjustment to 1984-85 values. Commencing January 1996, "full cash value" may increase at inflationary rate or two percent, whichever is lower. Restricts receipt of revenues to counties, unless existence/creation of other entity is approved by majority vote. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increases state's Proposition 98 funding requirements for schools by approximately $11.5 billion. Counties would receive an additional $8.9 billion in property tax revenues. Cities would lose more than $2 billion annually in property tax revenues, special districts would lose approximately $1.4 billion annually and redevelopment agencies would lose up to $2 billion annually in property tax revenues. K-14 schools would lose $11.3 billion annually of which $11.2 billion would be replaced by the state General Fund. School districts would receive an additional $275 million from the General Fund.


William L. Calder Project Rollback, 711 North Tremont Street, Oceanside, California 92054 (619) 722-5683



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