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a 1978 ballot initiative that lowered property taxes by 57%
Approved overwhelmingly on June 6, 1978, Proposition 13 limited the tax on real property to 1% of the full cash value of the property, as assessed in 1975-76. It also limited increases in assessed values to 2% a year, unless the property changed hands, in which case it would be assessed at current market value. Moreover, it required a two-thirdsvote of all state legislators for any increase in state taxes. A two-thirds vote of all registered voters was also required for local governments to levy any new taxes.
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This page was last updated on June 05, 2018.