Initiative Constitutional Amendment. Establishes ad valorem property tax rate limitations for all purposes except payment of designated types of debts and liabilities. Eliminates property tax for welfare purposes, limits property tax for education, and requires state funding of these functions from other taxes. Increases sales, use, cigarette, distilled spirits, and corporation t taxes. Decreases state taxes on insurance companies and banks and local sales and use taxes. Requires severance tax on extraction of minerals and hydrocarbons. Requires two-thirds vote of Legislature to increase designated taxes. Restricts new exemptions from property tax to those approved by election. Financial impact: A net ascertainable decrease in revenues to state and local government in excess of $1,233,000,000 per year.
Popular Vote Results
Y: 2700095; A: 34.1; N: 5213485; B: 65.9
Philip E. Watson, Assessor, Los Angeles County; Joseph B. Carnahan, President, California Real Estate Assoc.; Allan Grant, President, California Farm Bureau Fed.
Dr. Norman Topping, Chairman, Californians Against Higher Taxes; Chancellor, University of Southern California; Wilson Riles, Superintendent of Public Instruction; Mrs. Walter Schuiling, President, League of Women Voters
Rebuttal Against Author
Philip E. Watson, Assessor, Los Angeles County; Joseph B. Carnahan, President, California Real Estate Assoc.; Allan Grant, President, California Farm Bureau Federation
PROPERTY TAX LIMITATIONS California Proposition 14 (1972).