Secretary of State No.

107

Description

PROPERTY TAXES. INITIATIVE CONSTITUTIONAL AMENDMENT. Beginning in 1975-76, nonresidential property shall be taxed at 4% of fair market value. With certain exceptions, hotels, motels, etc., shall be taxed at 20% of gross receipts. Owner-occupied single family dwellings shall be taxed at 10% of fair market value with exemption of first $35,000. Provides for renters' assistance payments. Tangible personal property taxed at 3% of value with $10,000 exemption. Starting in 1976-77, Board of Equalization shall administer all property taxes throughout State. Tax revenues to be deposited in "Local Government Distribution Fund" and disbursed to local governments according to formula.

Proponents

California Foundation For Economic Justice, 76 Third Street #725, San Francisco, California 94103 Telephone: (415) 362-9210; Mr. Patrick H. O'Shaughnessy, 76 Third Street, No. 725, San Francisco, California 94103; Ms. Bunny Roth, 317 Tenth Street, San Francisco, California

Date

7-17-1974

Document Type

Initiative

Qualified

Failed to Qualify

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