Attorney General No.
Secretary of State No.
TAXATION. PROPERTY SUBJECT TO ASSESSMENT. INITIATIVE CONSTITUTIONAL AMENDMENT. Redefines the type of property subject to taxation to include only privately-owned land, possessory interests in government-owned land, structures, and business property, excluding inventory. Taxpayers may appeal assessments of taxable property and may appeal assessments made on property which is no longer subject to assessment. Taxable business property owned by a public utility may be assessed only by the State Board of Equalization. Taxable property which is damaged in a disaster must be reassessed and, if replaced within 36 months, inherits the base value of the replaced property. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The fiscal impact is unknown due to uncertainties of interpretation and implementation. However, making certain assumptions, the statewide reduction in property tax revenues would be approximately $300 million annually. Nearly half of the reduction would be borne by counties, cities, and special districts - the rest by the State.
Bennie C. Rushing, 1982 Delgado Way, Sacramento, Ca 95833
Failed to Qualify
Taxation. Property Subject To Assessment. California Initiative 706 (1996).