Land Franchise Taxation

LAND FRANCHISE TAXATION. Initiative measure amending Article XIII of Constitution. Abolishes present system of taxation; declares private property rights attach only to products of labor and not to land; defines franchises as special privileges granted by government permitting use or monopoly of land; requires that such franchises be assessed annually at their full rental value independent of improvements, and prohibits all other taxes and license fees; prescribe procedure for such assessments, decreeing forfeiture of franchise for non-payment thereof; requires that money derived from such assessments be apportioned between state and its subdivisions, and that all governmental expenses be paid therefrom