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California Proposition 13 (1978) - Wikipedia, the free encyclopedia
The measure
Howard Jarvis and Paul Gann were the most vocal and visible advocates of Proposition 13. Officially named the "People's Initiative to Limit Property Taxation," and known popularly as the "Jarvis-Gann Amendment," Proposition 13 was listed on the ballot through the California ballot initiative process, a provision of the California constitution which allows a proposed law or constitutional amendment to be offered to voters if advocates collect a sufficient number of signatures on a petition. Proposition 13 passed with almost 65% of those who voted in favor and with the participation of nearly 70% of registered voters. After passage, it became article 13A of the California state constitution.
By Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value," may be increased only by a maximum of 2% per year, until and unless the property has a change in ownership. At the time of the change in ownership the low assessed value may be reassessed to complete current market value which will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value.
What do you think happened to revenue after the housing market crashed?
The measure
Howard Jarvis and Paul Gann were the most vocal and visible advocates of Proposition 13. Officially named the "People's Initiative to Limit Property Taxation," and known popularly as the "Jarvis-Gann Amendment," Proposition 13 was listed on the ballot through the California ballot initiative process, a provision of the California constitution which allows a proposed law or constitutional amendment to be offered to voters if advocates collect a sufficient number of signatures on a petition. Proposition 13 passed with almost 65% of those who voted in favor and with the participation of nearly 70% of registered voters. After passage, it became article 13A of the California state constitution.
By Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value," may be increased only by a maximum of 2% per year, until and unless the property has a change in ownership. At the time of the change in ownership the low assessed value may be reassessed to complete current market value which will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value.
What do you think happened to revenue after the housing market crashed?
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