Title

Taxes

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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