Attorney General No.

SA81RF0033

Secretary of State No.

293

Description

TAXES. INITIATIVE CONSTITUTIONAL AMENDMENT. Proposition 13, adopted in 1978, limits ad valorem taxes on real property to maximum rate of 1% of properties value base (1975-76) and limits annual base increases to 2% until property changes ownership or new construction occurs. This amendment would: (1) Retain these limits on residential and agricultural property. (2) Raise maximum tax rate to 1 1/3% and remove limit on annual increase in value base on all other property. (3) Exempt 50% of increase in value base on change of ownership of residential property as long as occupied by new owner. Provides for renter's tax credit. Fiscal impact on state and local governments: The Legislative Analyst and Director of Finance advise that the adoption of this measure would have the following fiscal effects during 1983-84. (1) The state General Fund would realize a net savings of about $440 million. (2) Local governments would experience a net revenue increase of about $1.2 billion. The amount of both the state savings and local revenue gains would increase in subsequent years.

Proponents

Stephen J. Smith Registered Address:, 2800 Castro Way, Sacramento, Ca 95818; Stephen Hopcraft Registered Address:, 3075 Franklin Blvd., Sacramento, Ca 95818

Date

1-15-1982

Document Type

Initiative

Qualified

Failed to Qualify

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