PROPERTY TAX EXEMPTIONS

LEGISLATIVE CONSTITUTIONAL AMENDMENT. Increases minimum permissible amount of homeowner\u27s property tax exemption from $750 to $1750 of assessed value of the dwelling. Requires Legislature to provide increased benefits to qualified renters comparable to any increase in the homeowner\u27s exemption provided for by the Legislature. Provides that if Proposition 8 passes, the foregoing shall not become effective and the applicable minimum property tax exemption shall instead be $7000 of the full value of the dwelling. Financial impact: None in absence of increase by Legislature of homeowner\u27s exemption