Commercial Property Taxes, Exemptions. Revenues For Schools, Transportation, Public Safety. Initiative Constitutional Amendment.

Amends state Constitution to require annual tax reassessment of the full cash value of nonresidential commercial and industrial real property. Exempts any taxpayer\u27s first $500,000 in personal property from taxation. Requires allocation, within the county where collected, of any revenues resulting from this measure as follows: fifty percent to school districts, fifteen percent to transportation projects, and fifteen percent to public safety providers. Allocates twenty percent to senior citizen property tax relief. Excludes real property used for commercial agricultural production and real property otherwise exempt by law. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increase in net local property tax revenues and approximately $2.8 billion annually, half of which would be spent on education purposes and the other half on senior citizens\u27 property tax relief, transportation projects, and local public safety. Reduced state income tax revenues of approximately $150 million annually as a result of increased property tax deductions